**SECURITIES      AND EXCHANGE COMMISSION**

**Washington,      DC 20549**

**Form      10-Q**

**For      the quarterly period ended September 30, 2006**

**EVCI      Career Colleges Holding Corp.**

| **Delaware**                                                                 | **06-1488212**                                      |
|------------------------------------------------------------------------------|-----------------------------------------------------|
| (State                of other jurisdiction ofincorporation or organization) | (IRS                Employer Identification Number) |

**1      Van Der Donck Street, 2nd Floor, Yonkers, New York 10701**

**(914)      623-0700**

----

**Table      of Contents**

**Part      I**

**Financial      Information**

|                                                                                                                                                                                                                               |   | **Page** |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|----------|
|                                                                                                                                                                                                                          |   |     |
| **Item                  1. Condensed Financial Statements**                                                                                                                                                                   |   |     |
|                                                                                                                                                                                                                          |   |     |
| Condensed                Consolidated Balance Sheets as of September 30, 2006 (unaudited)                and                December 31, 2005 (audited)                                                                       |   | 1        |
|                                                                                                                                                                                                                          |   |     |
| Condensed                Consolidated Statement of Operations for the three month and nine                month                periods ended September 30, 2006 (unaudited) and September 30, 2005                (unaudited) |   | 2        |
|                                                                                                                                                                                                                          |   |     |
| Condensed                Consolidated Statement of Cash Flows for the nine month periods ended                September 30, 2006 (unaudited) and September 30, 2005                (unaudited)                                |   | 3        |
|                                                                                                                                                                                                                          |   |     |
| Notes                to Condensed Consolidated Financial Statements                                                                                                                                                           |   | 4        |
|                                                                                                                                                                                                                          |   |     |
| **Item                2. Management’s Discussion and Analysis of Financial Condition and Results                of Operations**                                                                                         |   | 15       |
|                                                                                                                                                                                                                          |   |     |
| Overview                and Critical Accounting Policies                                                                                                                                                                      |   | 16       |
|                                                                                                                                                                                                                          |   |     |
| Comparison                of the three months ended September 30, 2006 and 2005                                                                                                                                               |   | 23       |
|                                                                                                                                                                                                                          |   |     |
| Comparison                of the nine months ended September 30, 2006 and 2005                                                                                                                                                |   | 26       |
|                                                                                                                                                                                                                          |   |     |
| Financial                Condition, Liquidity and Capital Resources                                                                                                                                                           |   | 28       |
|                                                                                                                                                                                                                          |   |     |
| **Item                3.** **Quantitative                and Qualitative Disclosures About Market Risk**                                                                                                                 |   | 30       |
|                                                                                                                                                                                                                          |   |     |
| **Item                4.** **Controls                and Procedures**                                                                                                                                                    |   | 30       |
|                                                                                                                                                                                                                          |   |     |
| **Part                II**                                                                                                                                                                                                    |   |     |
|                                                                                                                                                                                                                          |   |     |
| **Other                Information**                                                                                                                                                                                          |   |     |
|                                                                                                                                                                                                                          |   |     |
| **Item                1A. Risk Factors**                                                                                                                                                                                      |   | 32       |
|                                                                                                                                                                                                                          |   |     |
| Forward-looking                Statements and Risk Factors                                                                                                                                                                    |   | 32       |
|                                                                                                                                                                                                                          |   |     |
| **Item                6. Exhibits**                                                                                                                                                                                           |   | 38       |
|                                                                                                                                                                                                                          |   |     |
| **Signatures**                                                                                                                                                                                                                |   | 47       |

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**EVCI      CAREER COLLEGES HOLDING CORP. AND SUBSIDIARIES**

**CONDENSED          CONSOLIDATED BALANCE SHEET**

|                                                                                                                                                                                                                     |   | **September                    30,** |                     | **December                    31,** |   |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------------------------------------|--------------------------|-------------------------------------|--------|
|                                                                                                                                                                                                                     |   | **2006**                             |                     | **2005**                            |   |
|                                                                                                                                                                                                                     |   | **(unaudited)**                      |                     | **audited**                         |   |
| **ASSETS**                                                                                                                                                                                                               |   |                                 |                     |                                |   |   |   |
|                                                                                                                                                                                                                     |   |                                 |                     |                                |   |   |   |
| Current                    assets:                                                                                                                                                                                       |   |                                 |                     |                                |   |   |   |
| Cash                    and cash equivalents                                                                                                                                                                             |   | $                                    | 3,926,676                |                                | $      | 9,273,206 |   |
| Student                    accounts receivable, less allowance for doubtful accounts                                                                                                                                     |   |                                 |                          |                                |   |  |   |
| of                    $7,717,337 and $2,449,488 respectively                                                                                                                                                             |   |                                 | 21,130,562               |                                |   | 6,125,927 |   |
| Other                    receivables                                                                                                                                                                                     |   |                                 | 367,181                  |                                |   | 284,021 |   |
| Prepaid                    income taxes                                                                                                                                                                                  |   |                                 | 329,182                  |                                |   | 93,629 |   |
| Prepaid                    expenses and other current assets                                                                                                                                                             |   |                                 | 763,745                  |                                |   | 778,204 |   |
| **Total                    current assets**                                                                                                                                                                              |   |                                 | 26,517,346               |                                |   | 16,554,987 |   |
|                                                                                                                                                                                                                     |   |                                 |                     |                                |   |   |   |
| Property                    and Equipment - net                                                                                                                                                                          |   |                                 | 6,558,072                |                                |   | 6,789,683 |   |
| Intangible                    assets                                                                                                                                                                                     |   |                                 | 12,177,316               |                                |   | 12,832,881 |   |
| Goodwill                                                                                                                                                                                                                 |   |                                 | 5,320,121                |                                |   | 5,072,375 |   |
| Deferred                    income tax asset, net of valuation allowance of $2,037,500                                                                                                                                   |   |                                 | 5,557,500                |                                |   | 5,557,500 |   |
| Other                    assets                                                                                                                                                                                          |   |                                 | 2,958,253                |                                |   | 3,179,051 |   |
| **Total                    Assets**                                                                                                                                                                                      |   | $                                    | 59,088,608               |                                | $      | 49,986,477 |   |
|                                                                                                                                                                                                                     |   |                                 |                     |                                |   |   |   |
| **LIABILITIES                    AND STOCKHOLDERS' EQUITY**                                                                                                                                                              |   |                                 |                          |                                |   |  |   |
|                                                                                                                                                                                                                     |   |                                 |                          |                                |   |   |   |
| Current                    liabilities:                                                                                                                                                                                  |   |                                 |      |                                |   |      |   |
| Accounts                    payable and accrued expenses                                                                                                                                                                 |   | $                                    | 8,614,567                |                                | $      | 4,629,163 |   |
| Revolving                    credit line                                                                                                                                                                                 |   |                                 | 2,000,000                |                                |   | 2,000,000 |   |
| Deferred                    tuition revenue                                                                                                                                                                              |   |                                 | 20,692,392               |                                |   | 3,347,608 |   |
| Current                    portion of capital lease obligation                                                                                                                                                           |   |                                 | 332,226                  |                                |   | 311,821 |   |
| Current                    portion of notes payable                                                                                                                                                                      |   |                                 | 11,245,357               |                                |   | 2,625,000 |   |
| **Total                    current liabilities**                                                                                                                                                                         |   |                                 | 42,884,542               |                                |   | 12,913,592 |   |
|                                                                                                                                                                                                                     |   |                                 |                     |                                |   |   |   |
| Capital                    lease obligation, net of current portion                                                                                                                                                      |   |                                 | 211,108                  |                                |   | 466,743 |   |
| Notes                    payable, net of current portion                                                                                                                                                                 |   |                                 | 822,161                  |                                |   | 10,375,000 |   |
| Deferred                    rent                                                                                                                                                                                         |   |                                 | 1,016,403                |                                |   | 868,065 |   |
| **Total                    liabilities**                                                                                                                                                                                 |   | $                                    | 44,934,214               |                                | $      | 24,623,400 |   |
|                                                                                                                                                                                                                     |   |                                 |                     |                                |   |   |   |
| Stockholders'                    Equity:                                                                                                                                                                                 |   |                                 |                     |                                |   |   |   |
| Preferred                    stock - $.0001 par value; authorized 1,000,000 shares: none issued                    and                    outstanding                                                                    |   |                                 | -                        |                                |   | - |   |
| Common                      stock - $.0001 par value; authorized 20,000,000 shares; issued                      and                      outstanding 12,689,618 and 12,329,603 shares,                      respectively |   |                                 | 1,269                    |                                |   | 1,264 |   |
| Additional                    paid-in capital                                                                                                                                                                            |   |                                 | 52,565,811               |                                |   | 51,030,320 |   |
| Accumulated                    deficit                                                                                                                                                                                   |   |                                 | (38,412,686              | )                                   |   | (25,668,507 | ) |
| **Stockholders'                    equity**                                                                                                                                                                              |   |                                 | 14,154,394               |                                |   | 25,363,077 |   |
| **Total                    Liabilities and Stockholders' Equity**                                                                                                                                                        |   | $                                    | 59,088,608               |                                | $      | 49,986,477 |   |

----

**EVCI          CAREER COLLEGES HOLDING CORP. AND SUBSIDIARIES**

**CONDENSED          CONSOLIDATED STATEMENT OF OPERATIONS**

**(unaudited)**

|                                                                     |   | ** ****Three                    Months ended September 30,** |         | **Nine                    Months ended September 30,** |   |
|--------------------------------------------------------------------------|--------|-------------------------------------------------------------------|--------------|--------------------------------------------------------|--------|
|                                                                     |   | **2006**                                                          |         | **2005**                                               |   | **2006** |   | **2005** |   |
|                                                                     |   |                                                              |         |                                                   |   |   |   |   |   |
| Net                    revenue                                           |   | $                                                                 | 12,143,985   |                                                   | $      | 9,962,420 |   | $ | 45,579,193 |   | $ | 29,702,668 |   |
| Other                    income                                          |   |                                                              | 141,759      |                                                   |   | 137,485 |   |   | 394,978 |   |   | 247,462 |   |
|                                                                     |   |                                                              |    |                                                   |   |     |   |   |    |   |   |     |   |
| Total                    revenue                                         |   |                                                              | 12,285,744   |                                                   |   | 10,099,905 |   |   | 45,974,171 |   |   | 29,950,130 |   |
|                                                                     |   |                                                              |         |                                                   |   |   |   |   |   |   |   |   |   |
| Operating                    expenses:                                   |   |                                                              |         |                                                   |   |   |   |   |   |   |   |   |   |
| Cost                    of revenue                                       |   |                                                              | 5,830,508    |                                                   |   | 3,553,572 |   |   | 18,292,740 |   |   | 9,334,351 |   |
| Selling,                    general and administrative                   |   |                                                              | 11,112,899   |                                                   |   | 8,124,036 |   |   | 36,180,407 |   |   | 20,830,463 |   |
| Loss                    on settlement of tuition disallowance            |   |                                                              | 2,700,000    |                                                   |   | - |   |   | 2,700,000 |   |   | - |   |
| Total                    operating expenses                              |   |                                                              | 19,643,407   |                                                   |   | 11,677,608 |   |   | 57,173,147 |   |   | 30,164,814 |   |
|                                                                     |   |                                                              |              |                                                   |   |  |   |   |  |   |   |  |   |
| Loss                    from operations                                  |   |                                                              | (7,357,663   | )                                                      |   | (1,577,703 | ) |   | (11,198,976 | ) |   | (214,684 | ) |
|                                                                     |   |                                                              |         |                                                   |   |   |   |   |   |   |   |   |   |
| Other                    income (expense):                               |   |                                                              |         |                                                   |   |   |   |   |   |   |   |   |   |
| Interest                    and financing costs                          |   |                                                              | (571,026     | )                                                      |   | (66,027 | ) |   | (1,493,440 | ) |   | (169,680 | ) |
| Interest                    income                                       |   |                                                              | 14,257       |                                                   |   | 30,931 |   |   | 129,596 |   |   | 78,681 |   |
|                                                                     |   |                                                              |              |                                                   |   |  |   |   |  |   |   |  |   |
| Loss                    before provision for income taxes                |   |                                                              | (7,914,432   | )                                                      |   | (1,612,799 | ) |   | (12,562,820 | ) |   | (305,683 | ) |
| Provision                    for income taxes                            |   |                                                              | -            |                                                   |   | (120,000 | ) |   | 30,000 |   |   | 200,000 |   |
| Net                    loss                                              |   | $                                                                 | (7,914,432   | )                                                      | $      | (1,492,799 | ) | $ | (12,592,820 | ) | $ | (505,683 | ) |
|                                                                     |   |                                                              |         |                                                   |   |   |   |   |   |   |   |   |   |
| Net                    income per common share:                          |   |                                                              |         |                                                   |   |   |   |   |   |   |   |   |   |
| Basic                                                                    |   | $                                                                 | (0.64        | )                                                      | $      | (0.12 | ) | $ | (1.01 | ) | $ | (0.04 | ) |
| Diluted                                                                  |   | $                                                                 | (0.64        | )                                                      | $      | (0.12 | ) | $ | (1.01 | ) | $ | (0.04 | ) |
|                                                                     |   |                                                              |         |                                                   |   |   |   |   |   |   |   |   |   |
| Weighted                    average number of common shares outstanding; |   |                                                              |         |                                                   |   |   |   |   |   |   |   |   |   |
| Basic                                                                    |   |                                                              | 12,458,166   |                                                   |   | 12,432,867 |   |   | 12,441,640 |   |   | 12,412,218 |   |
| Diluted                                                                  |   |                                                              | 12,458,166   |                                                   |   | 12,432,867 |   |   | 12,441,640 |   |   | 12,412,218 |   |

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**EVCI          CAREER COLLEGES HOLDING CORP. AND SUBSIDIARIES **

**CONDENSED          CONSOLIDATED STATEMENT OF CASH FLOWS**

**(unaudited)**

|                                                                                                                                |   | ** ****Nine                      Months ended September 30,** |               |
|-------------------------------------------------------------------------------------------------------------------------------------|--------|--------------------------------------------------------------------|--------------------|
|                                                                                                                                |   | **2006**                                                           |               | **2005** |   |
|                                                                                                                                |   |                                                               |               |   |   |
| Cash                      flows from operating activities:                                                                          |   |                                                               |                    |   |   |   |   |
| Net                      loss                                                                                                       |   | $                                                                  | (12,592,820        | ) | $ | (505,684 | ) |
| Adjustments                      to reconcile net loss to net cash provided by (used in) operating                      activities: |   |                                                               |               |   |   |   |   |
| Depreciation                      and amortization                                                                                  |   |                                                               | 2,605,330          |   |   | 1,403,521 |   |
| Bad                      debt expense                                                                                               |   |                                                               | 1,428,277          |   |   | 300,000 |   |
| Non                      cash compensation expense                                                                                  |   |                                                               | 1,364,870          |   |   | 302,976 |   |
| Changes                      in operating assets and liabilities;                                                                   |   |                                                               |               |   |   |   |   |
| Increase                      in students accounts receivable                                                                       |   |                                                               | (16,432,912        | ) |   | (5,012,805 | ) |
| Increase                      in prepaid income taxes                                                                               |   |                                                               | (235,553           | ) |   |   |   |
| Increase                      in prepaid expenses and other current assets                                                          |   |                                                               | (68,701            | ) |   | (47,289 | ) |
| (Increase)/decrease                      in other assets                                                                            |   |                                                               | 9,303              |   |   | (35,992 | ) |
| Increase/(decrease)                      in accounts payable and accrued expenses and income taxes                      payable     |   |                                                               | 3,685,404          |   |   | (1,378,485 | ) |
| Increase                      in deferred tuition revenue                                                                           |   |                                                               | 17,344,784         |   |   | 9,615,916 |   |
| Increase                      in deferred rent                                                                                      |   |                                                               | 148,338            |   |   | 41,136 |   |
| **Net                      cash provided by (used in) operating activities**                                                        |   |                                                               | (2,743,680         | ) |   | 4,683,294 |   |
|                                                                                                                                |   |                                                               |               |   |   |   |   |
| Cash                      flows from investing activities:                                                                          |   |                                                               |               |   |   |   |   |
| Purchases                      of property and equipment                                                                            |   |                                                               | (1,262,453         | ) |   | (2,417,652 | ) |
| Deposits                      required                                                                                              |   |                                                               | (10,000            | ) |   | (1,042,940 | ) |
| Deposits                      returned                                                                                              |   |                                                               | 55,330             |   |   | - |   |
| Escrow                      funds received from Interboro previous sharehlolder                                                     |   |                                                               | 52,253             |   |   | - |   |
| Cash                      paid on acquisitions net of cash received of $1,176,709                                                   |   |                                                               | -                  |   |   | (15,552,922 | ) |
| **Net                      cash used in investing activities**                                                                      |   |                                                               | (1,164,870         | ) |   | (19,013,514 | ) |
|                                                                                                                                |   |                                                               |               |   |   |   |   |
| Cash                      flows from financing activities:                                                                          |   |                                                               |               |   |   |   |   |
| Principal                      payments on capital lease obligation                                                                 |   |                                                               | (235,230           | ) |   | (599,188 | ) |
| Principal                      payment on notes payable                                                                             |   |                                                               | (2,000,000         | ) |   | (605,425 | ) |
| Proceeds                      from issuance of debt                                                                                 |   |                                                               | -                  |   |   | 15,000,000 |   |
| Financing                      costs related to bank agreement                                                                      |   |                                                               | (289,535           | ) |   | (780,000 | ) |
| Proceeds                      from refinancing of equipment                                                                         |   |                                                               | 1,067,518          |   |   |   |   |
| Proceeds                      from exercise of options and warrants                                                                 |   |                                                               | 19,267             |   |   | 703,917 |   |
| **Net                      cash provided by used in financing activities**                                                          |   |                                                               | (1,437,980         | ) |   | 13,719,304 |   |
|                                                                                                                                |   |                                                               |               |   |   |   |   |
| Net                      decrease in cash and cash equivalents                                                                      |   |                                                               | (5,346,530         | ) |   | (610,916 | ) |
| Cash                      and cash equivalents at beginning of period                                                               |   |                                                               | 9,273,206          |   |   | 10,504,308 |   |
| Cash                      and cash equivalents at end of period                                                                     |   | $                                                                  | 3,926,676          |   | $ | 9,893,392 |   |
|                                                                                                                                |   |                                                               |                    |   |   |  |   |
| **Supplemental                      disclosures of cash flow information:**                                                         |   |                                                               |                    |   |   |  |   |
|                                                                                                                                |   |                                                               |               |   |   |  |   |
| Cash                      paid during the period for:                                                                               |   |                                                               |                    |   |   |  |   |
| Interest                                                                                                                            |   | $                                                                  | 1,493,440          |   | $ | 126,781 |   |
| Income                      taxes                                                                                                   |   | $                                                                  | 265,553            |   | $ | 135,501 |   |
|                                                                                                                                |   |                                                               |               |   |   |   |   |
| **Supplemental                      schedule of noncash investing and financing                      activities:**                  |   |                                                               |               |   |   |   |   |
|                                                                                                                                |   |                                                               |     |   |   |     |   |
| Capital                      lease obligations incurred in the acquisition of equipment                                             |   | $                                                                  | -                  |   | $ | 591,111 |   |
| Purchase                    Price Adjustment                                                                                        |   | $                                                                  | 300,000            |   | $ | 300,000 |   |

----

**Notes      to Condensed Consolidated Financial Statements**

**Note      1 - Business and Basis of Presentation**

*Interboro.*

*TCI*

*PSB.*

----

*** ***

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**Note      2 - Stockholders’ Equity**

*Earnings      per share*

|                                                                                                    |   | **Three                  months ended****September                   30,** |       | **Nine                  months ended****September                  30,** |   |
|---------------------------------------------------------------------------------------------------------|--------|---------------------------------------------------------------------------------|------------|--------------------------------------------------------------------------|--------|
|                                                                                                    |   | **2006**                                                                        |       | **2005**                                                                 |   | **2006** |   | **2005** |   |
| Basic                  weighted average number of common shares outstanding*                            |   |                                                                            | 12,458,166 |                                                                     |   | 12,432,867 |   |   | 12,441,640 |   |   | 12,412,218 |   |
|                                                                                                    |   |                                                                            |            |                                                                     |   |   |   |   |  |   |   |   |   |
| Effect                  of assumed exercise of outstanding options                                      |   |                                                                            | -          |                                                                     |   | - |   |   | - |   |   | - |   |
|                                                                                                    |   |                                                                            |            |                                                                     |   |   |   |   |  |   |   |   |   |
| Effect                  of assumed exercise of outstanding warrants                                     |   |                                                                            | -          |                                                                     |   | - |   |   | - |   |   | - |   |
|                                                                                                    |   |                                                                            |            |                                                                     |   |   |   |   |  |   |   |   |   |
| Diluted                  weighted average number of shares of common stock                  outstanding |   |                                                                            | 12,458,166 |                                                                     |   | 12,432,867 |   |   | 12,441,640 |   |   | 12,412,218 |   |
|                                                                                                    |   |                                                                            |            |                                                                     |   |  |   |   |  |   |   |   |   |
| Restricted                  shares, options and warrants not included above**                           |   |                                                                            | 2,351,327  |                                                                     |   | 2,318,594 |   |   | 2,351,327 |   |   | 2,318,594 |   |

----

----

*Stock      Grants*

*Stock      Options*

----

----

|                                                 |   | **Three                  months endedSeptember 30,** |                     | **Nine                  months ended****September                  30,** |   |
|------------------------------------------------------|--------|------------------------------------------------------|--------------------------|--------------------------------------------------------------------------|--------|
|                                                 |   | **2006**                                             |                     | **2005**                                                                 |   | **2006** |   | **2005** |   |
|                                                 |   |                                                 |                     |                                                                     |   |   |   |   |   |
| Risk                  free interest rate             |   |                                                 | 5                        | %                                                                        |   | 3.25%                  to 3.75 | % |   | 5 | % |   | 3.25%                  to 3.75 | % |
|                                                 |   |                                                 |                     |                                                                     |   |   |   |   |   |   |   |   |   |
| Expected                  volatility of common stock |   |                                                 | 92                       | %                                                                        |   | 62 | % |   | 92 | % |   | 62 | % |
|                                                 |   |                                                 |                     |                                                                     |   |  |   |   |   |   |   |   |   |
| Dividend                  yield                      |   |                                                 | 0                        | %                                                                        |   | 0 | % |   | 0 | % |   | 0 | % |
|                                                 |   |                                                 |                     |                                                                     |   |  |   |   |   |   |   |   |   |
| Expected                  option term                |   |                                                 | 4                  years |                                                                     |   | 3                  to 5 years |   |   | 4                  years |   |   | 3                  to 5 years |   |

|                                                                  |   | **Number                  of shares** |      |  **Weighted-                  Average Exercise Price per Share** |   |  **Weighted-Average                  Remaining Contractual Term (in years)** |   |  **Aggregate                  Intrinsic Value** |   |
|-----------------------------------------------------------------------|--------|---------------------------------------|-----------|-----------------------------------------------------------------------|--------|-----------------------------------------------------------------------------------|--------|------------------------------------------------------|--------|
| Options                  outstanding at December 31, 2005             |   |                                  | 2,017,923 |                                                                  | $      | 5.11                                                                              |   |                                                 |        |   |   |  |   |
| Options                  granted                                      |   |                                  | 40,000    |                                                                  |   | 1.39                                                                              |   |                                                 |        |   |   |  |   |
| Options                  exercised                                    |   |                                  | (26,667   | )                                                                     |   | 0.72                                                                              |   |                                                 |        |   |   |  |   |
| Options                  forfeited or expired                         |   |                                  | (42,351   | )                                                                     |   | 6.61                                                                              |   |                                                 |   |   |   |   |   |
| Options                  outstanding at September 30, 2006            |   |                                  | 1,988,905 |                                                                  | $      | 5.08                                                                              |   |                                                 | 2.82   |   | $ | 8,789,000 |   |
| Options                  vested and exercisable at September 30, 2006 |   |                                  | 1,459,587 |                                                                  | $      | 4.27                                                                              |   |                                                 | 2.3    |   | $ | 5,269,000 |   |

----

|                                                      |   | **Number                  of shares** |     |  **Weighted-                  Average Exercise Price per Share** |   |  **Weighted-Average                  Remaining Contractual Term****(in                  years)** |   |
|-----------------------------------------------------------|--------|---------------------------------------|----------|-----------------------------------------------------------------------|--------|-------------------------------------------------------------------------------------------------------|--------|
| Non-vested                  Options at December 31, 2005  |   |                                  | 818,655  |                                                                  | $      | 7.25                                                                                                  |   |   |  |   |
| Options                  granted                          |   |                                  | 40,000   |                                                                  |   | 1.39                                                                                                  |   |   |  |   |
| Options                  vested                           |   |                                  | (302,670 | )                                                                     |   | 5.96                                                                                                  |   |   |  |   |
| Options                  forfeited or expired             |   |                                  | (26,666  | )                                                                     |   | 6.94                                                                                                  |   |   |  |   |
| Non-vested                  options at September 30, 2006 |   |                                  | 529,319  |                                                                  | $      | 7.31                                                                                                  |   |   | 3.56 |   |

----

|                                                                                                                                                                                                                                |   |  **Three                    Months Ended** |       | **Nine                    Months Ended** |   |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-------------------------------------------------|------------|------------------------------------------|--------|
|                                                                                                                                                                                                                                |   |  **9/30/05**                               |       | **9/30/05**                              |   |
|                                                                                                                                                                                                                                |   |                                            |       |                                     |   |   |   |
| Reported                    net loss                                                                                                                                                                                                |   | $                                               | (1,492,799 | )                                        | $      | (505,683 | ) |
| Add:                    Stock based compensation expense included in recorded net income,                    net of                    related tax effects                                                                          |   |                                            | 100,992    |                                     |   | 302,976 |   |
|                                                                                                                                                                                                                                |   |                                            |       |                                     |   |   |   |
| Deduct:                    Total stock based employee   compensation                    expense determined under fair value based method for all awards,                    net of                    related tax effects |   |                                            | (284,551   | )                                        |   | (848,653 | ) |
|                                                                                                                                                                                                                                |   |                                            |       |                                     |   |   |   |
| Pro                    forma net loss                                                                                                                                                                                               |   | $                                               | (1,676,358 | )                                        | $      | (1,051,360 | ) |
|                                                                                                                                                                                                                                |   |                                            |       |                                     |   |   |   |
| Reported                    net loss per common share:                                                                                                                                                                              |   |                                            |       |                                     |   |   |   |
| Basic                                                                                                                                                                                                                               |   | $                                               | (0.12      | )                                        | $      | (0.04 | ) |
| Diluted                                                                                                                                                                                                                             |   | $                                               | (0.12      | )                                        | $      | (0.04 | ) |
|                                                                                                                                                                                                                                |   |                                            |       |                                     |   |   |   |
| Pro                    forma net loss per common share:                                                                                                                                                                             |   |                                            |       |                                     |   |   |   |
| Basic                                                                                                                                                                                                                               |   | $                                               | (0.13      | )                                        | $      | (0.08 | ) |
| Diluted                                                                                                                                                                                                                             |   | $                                               | (0.13      | )                                        | $      | (0.08 | ) |

**Note      3 -Revenue Recognition**

**Note      4 - Acquisitions **

*Pennsylvania      School of Business, Inc.*

----

*Technical      Career Institutes, Inc.*

| Current                assets            |   | $      | 16,468,000 |   |
|------------------------------------------|--------|--------|------------|--------|
| Property                and equipment    |   |   | 546,000    |   |
| Intangible                assets         |   |   | 12,440,000 |   |
| Goodwill                                 |   |   | 1,457,000  |   |
| Other                assets              |   |   | 882,000    |   |
| Total                assets acquired     |   |   | 31,793,000 |   |
| Current                liabilities       |   |   | 15,663,000 |   |
| Other                liabilities         |   |   | 63,000     |   |
| Total                liabilities assumed |   |   | 15,726,000 |   |
|                                     |   |   |            |   |
| Net                assets acquired       |   | $      | 16,067,000 |   |

|                                        |   | **Three                  months ended Sept 30, 2005** |       |  **Nine                  months ended Sept 30, 2005** |   |
|---------------------------------------------|--------|-------------------------------------------------------|------------|------------------------------------------------------------|--------|
|                                        |   |                                                  |       |                                                       |   |
| Revenue                                     |   | $                                                     | 15,534,000 |                                                       | $      | 63,676,000 |   |
| Net                  loss                   |   | $                                                     | (2,795,000 | )                                                          | $      | (1,132,000 | ) |
| Diluted                  net loss per share |   | $                                                     | (0.22      | )                                                     | $      | (0.09 | )  |

----

**Note      5 - Notes Payable**

----

**Note      6 - U.S. Department of Education Program Review**

**Note      7 - Subsequent Events**

*U.S.      Department of Education Program Review*

----

*Option      Cancellation and Replacement*

**Item      2. Management’s Discussion and Analysis of Financial Condition and Results of      Operations.**

----

**Overview      and Critical Accounting Policies**

*Financing*

*Business        Plan*

*Third      Quarter Developments*

|  | · | Fall                2006 enrollments were approximately as                follows: |
|--|--------|------------------------------------------------------------------------------------|

** **

|                         |   | **Initial** |   |  **After                  approximately 3 Weeks*** |   |
|------------------------------|--------|-------------|--------|---------------------------------------------------------|--------|
| Spring                  2006 |   |        | 900    |                                                    |   | 850 |   |
| Summer                  2006 |   |        | 900    |                                                    |   | 850 |   |
| Fall                  2006   |   |        | 1,080  |                                                    |   | 1,000 |   |
| Spring                  2007 |   |        | 1,080  |                                                    |   | 1,000 |   |

----

----

|   | · | Interboro’s                persistence rate to a second semester for the spring 2006 semester                was                approximately 50%, which represents a 19% increase over the 42%                persistence rate in the comparable spring 2005 semester. Interboro’s                persistence rate to a second semester for the summer 2006 semester                was                approximately 54%, which represents a 20% increase, over the 45%                persistence rate in the comparable summer 2005 semester. |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | EVCI                received a notice from the NASDAQ Stock Market on June 13, 2006 indicating                that EVCI is not in compliance with NASDAQ Marketplace Rule 4310(c)(8)(D)                (the “Bid Price Rule”) because the closing bid price per share for our                common stock was below $1.00 per share for 30 consecutive trading                days.                During the third quarter of 2006 the closing bid price of EVCI’s common                stock ranged between $0.54 and $0.90. EVCI has until December 11,                2006 to                regain compliance with the Bid Price Rule. How EVCI can regain compliance                and can obtain an extension of 180 days from December 11, 2006 to                comply                as well as consequences of failing to comply are discussed in this                report                in Part II, Item 1A. Risk Factors. |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

*U.S.      Department of Education Program Review*

----

*Revenue      Recognition*

*Goodwill      and Other Intangible Assets*

----

*Marketing*

| **Period**                             |   | **Semester** |
|----------------------------------------|--------|--------------|
|                                   |   |         |
| June                through September  |   | Fall         |
| October                through January |   | Spring       |
| February                through May    |   | Summer       |

*SFAS      No. 123R*

----

*Income      taxes*

*Niche      market*

*Enrollments*

** **

|   |   | **2006** |   | **2005** |   | **2004** |   | **2003** |   |
|--------|--------|----------|--------|----------|--------|----------|--------|----------|--------|
|   |   |     |   |     |   |     |   |     |   |
| Spring |   |     | 6,160  |     |   | 3,700    |   |     | 2,800  |   |   | 1,850 |   |
| Summer |   |     | 4,140  |     |   | 2,650    |   |     | 1,975  |   |   | 1,100 |   |
| Fall   |   |     | 6,090  |     |   | 7,600    |   |     | 3,900  |   |   | 2,300 |   |

*Accelerated      TAP*

----

*Capacity*

*Seasonality      *

*Billing      and collections*

----

*Cost      of revenue*

*Other      salaries and all benefits*

----

**Comparison      of the three months ended September 30, 2006 and 2005**

|                                                        |   | **Three                months ended****September                30,** |   |
|-------------------------------------------------------------|--------|-----------------------------------------------------------------------|--------|
|                                                        |   | **2006**                                                              |   | **2005** |   |
|                                                        |   |                                                                  |   |   |   |   |   |
| Total                revenue                                |   |                                                                  | 100.0  | % |   | 100.0 | % |
|                                                        |   |                                                                  |        |   |   |  |   |
| Cost                of revenue                              |   |                                                                  | 47.5   |   |   | 35.2 |   |
| Selling,                general and administrative expenses |   |                                                                  | 90.4   |   |   | 80.4 |   |
| Loss                on settlement of tuition disallowances  |   |                                                                  | 22.0   |   |   | -- |   |
| Total                operating expenses                     |   |                                                                  | 159.9  |   |   | 115.6 |   |
| Loss                before provision for income taxes       |   |                                                                  | 64.4   |   |   | 16.0 |   |
| Net                loss                                     |   |                                                                  | 64.4   | % |   | 14.8 | % |

----

|                                 |   | **September                30, 2006**  |   |
|--------------------------------------|--------|---------------------------------------------|--------|
|                                 |   | **Interboro**                               |   | **TCI** |   | **PSB** |   | **Total** |   |
|                                 |   |                                        |   |   |   |   |   |   |   |
| Adjunct                instructors   |   |                                        | 87     |   |   | 92 |   |   | 12 |   |   | 191 |   |
| Full-time                instructors |   |                                        | 60     |   |   | 71 |   |   | 3 |   |   | 134 |   |
| Tutors                and Testers    |   |                                        | 24     |   |   | 8 |   |   | - |   |   | 32 |   |
| Admissions                staff      |   |                                        | 29     |   |   | 37 |   |   | 3 |   |   | 69 |   |
| Deans                and staff       |   |                                        | 6      |   |   | 22 |   |   | - |   |   | 28 |   |
| Academic                advisors     |   |                                        | 12     |   |   | 5 |   |   | - |   |   | 17 |   |
| Librarians                           |   |                                        | 8      |   |   | 4 |   |   | - |   |   | 12 |   |
| Total                                |   |                                        | 226    |   |   | 239 |   |   | 18 |   |   | 483 |   |

|                                            |   | **Three                months ended September 30,**  |   |
|-------------------------------------------------|--------|-----------------------------------------------------------|--------|
|                                            |   | **2006**                                                  |   | **2005** |   |
|                                            |   |                                                      |   |   |   |
| Salaries                and benefits            |   |                                                      | 28.8   | % |   | 30.1. | % |
| Marketing                                       |   |                                                      | 15.4   |   |   | 17.0 |   |
| Depreciation                                    |   |                                                      | 5.5    |   |   | 5.2 |   |
| Professional                and consulting fees |   |                                                      | 4.6    |   |   | 4.7 |   |
| Non                cash compensation            |   |                                                      | 3.8    |   |   | 1.0 |   |
| Other                expenses                   |   |                                                      | 32.3   |   |   | 22.4 |   |
| Total                                           |   |                                                      | 90.4   | % |   | 80.4 | % |

----

** **

----

**Comparison      of the nine months ended September 30, 2006 and 2005**

|                                                        |   | **Nine                months ended September 30,** |   |
|-------------------------------------------------------------|--------|----------------------------------------------------|--------|
|                                                        |   | **2006**                                           |   | **2005** |   |
|                                                        |   |                                               |   |   |   |   |   |
| Total                revenue                                |   |                                               | 100.0  | % |   | 100.0 | % |
|                                                        |   |                                               |        |   |   |  |   |
| Cost                of revenue                              |   |                                               | 39.8   |   |   | 31.2 |   |
| Selling,                general and administrative expenses |   |                                               | 78.7   |   |   | 69.6 |   |
| Loss                on settlement of tuition disallowance   |   |                                               | 5.9    |   |   | -- |   |
| Total                operating expenses                     |   |                                               | 124.4  |   |   | 100.8 |   |
| Loss                before provision for income taxes       |   |                                               | 27.3   |   |   | 1.0 |   |
| Net                loss                                     |   |                                               | 27.4   | % |   | 1.7 | % |

----

|                                            |   |   | **Nine                months ended September 30,** |   |
|-------------------------------------------------|--------|--------|----------------------------------------------------|--------|
|                                            |   |   | **2006**                                           |   |   | **2005** |   |
| Salaries                and benefits            |   |   | 29.2                                               | %      |   | 27.6 | % |
| Marketing                                       |   |   | 11.3                                               |   |   | 11.9 |   |
| Depreciation                                    |   |   | 4.7                                                |   |   | 4.6 |   |
| Professional                and consulting fees |   |   | 4.2                                                |   |   | 3.3 |   |
| Non                cash compensation            |   |   | 3.0                                                |   |   | 1.0 |   |
| Other                expenses                   |   |   | 26.3                                               |   |   | 21.2 |   |
| Total                                           |   |   | 78.7                                               | %      |   | 69.6 | % |

----

**Financial      Condition, Liquidity and Capital Resources **

----

----

|                                              |   | (000                omitted)                                    |   |
|---------------------------------------------------|--------|-----------------------------------------------------------------|--------|
|                                              |   | Payments                due by period (in thousands of dollars) |   |
|                                              |   | Total                                                           |   | Less                than One year |   | 1-3years |   | 3-5years |   | More                than 5 years |   |
|                                              |   |                                                            |   |   |   |   |   |   |   |   |   |
| Revolving                line of credit           |   | $                                                               | 2,000  |   | $ | 2,000 |   | $ | - |   | $ | - |   | $ | - |   |
| Long-term                debt                     |   |                                                            | 12,066 |   |   | 11,245 |   |   | 706 |   |   | 115 |   |   | - |   |
| Capital                leases                     |   |                                                            | 544    |   |   | 332 |   |   | 212 |   |   | - |   |   | - |   |
| Operating                leases                   |   |                                                            | 41,101 |   |   | 5,320 |   |   | 15,611 |   |   | 14,736 |   |   | 5,434 |   |
|                                              |   |                                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total                contractual cash obligations |   | $                                                               | 55,711 |   |   | 18,897 |   |   | 16,529 |   |   | 14,851 |   |   | 5,434 |   |

**Item      3. Quantitative and Qualitative Disclosures about Market      Risk**

*Interest      Rate Risk*

**Item      4. Controls and Procedures**

*Disclosure      Controls and Procedures*

----

*Remediation*

*Control      Environment:*

|  | · | EVCI                began using undercover personnel to test compliance, at all of EVCI’s                colleges, with regulations relating to enrollment processes. |
|--|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | A                document scanner that is used to convert student records at                Interboro to electronic format became functional beginning with the                fall 2006 semester. |
|--|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

*Revenue      and Student Accounts Receivable:*

|   | · | We                further mitigated the risk of students improperly receiving federal                and                state financial aid at Interboro by refining a multi-step process                to more                quickly identify those students who have become ineligible for financial                aid as a result of poor attendance or academics. |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | We                completed documenting new procedures for estimating the collectibility                of                Interboro’s accounts receivable. |
|--|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------|

*Cash      Management:*

* *

*Property      Plant and Equipment: *

----

**PART      II**

**OTHER      INFORMATION**

**Item      1A. Risk Factors**

**Forward-looking      Statements and Risk Factors **

|   | · | **A                failure by any of our colleges to comply with extensive federal and                state                regulations could have a material adverse impact on its ability to                operate                and grow.** |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | **Adverse                changes in the rules governing, or the amount or timing of, TAP                disbursements could materially impede Interboro’s and TCI’s ability to                operate.** |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | **We                do not expect that Interboro or EVCI will be profitable in 2006.** |
|--------|--------|----------------------------------------------------------------------------------------|

|   | · | **Interboro                may be subject to even more severe action by SED if it is not able                to                achieve the 65% persistence rate required by SED or to implement                other                required changes at Interboro to SED’s                satisfaction.** |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | **Adverse                changes in the rules governing, or the amount or timing of, Pell                program                disbursements could materially impede our college’s ability to                operate.** |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | **Title                IV program reviews of any EVCI college could result in it being required                to make material refunds of Title IV and TAP funds and EVCI being                required                to reduce its operating income by the amount of those refunds.** |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   |   | Since                January 2005, a program review has been conducted by the U.S. Department                of Education of Interboro’s compliance with respect to Title IV grants                made to Interboro students during July-June of years 2002/2003, 2003/2004                and 2004/2005. |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | · | **We                face several risks if we are unable to obtain additional                financing.** |
|--------|--------|----------------------------------------------------------------------------------------------------------|

|   | · | We                would have to modify our business plan, reduce operating costs further                and/ or pursue strategic alternatives by selling assets, among other                things. |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   |   |   |
|--------|--------|--------|
|   | · | We                would not be able to satisfy the DOE’s minimum composite score requirement                discussed in the next risk factor. |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |   |   |
|--------|--------|--------|

|   | · | Our                cash from operations may not be sufficient to satisfy our                needs. |
|--------|--------|----------------------------------------------------------------------------------------------------|

|   |   |   |
|--------|--------|--------|
|   | · | Because                we probably would be in default under our credit agreement, the lender                could take the action described in the risk below captioned “Our failure                to repay amounts outstanding under our amended and restated credit                agreement when due would entitle our bank to foreclose on our                assets.” |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |   |   |
|--------|--------|--------|

|   | · | In                addition, doubt could be raised about our ability to continue our                operations. |
|--------|--------|----------------------------------------------------------------------------------------------------------------|

|   | · | **Our                failure to satisfy specific financial responsibility standards established                by federal and New York state regulators could have a material adverse                effect on us.** |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | · | equity                ratio, which measures the institution’s capital resources, ability to                borrow and financial viability |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------|

|   |   |   |
|--------|--------|--------|
|   | · | primary                reserve ratio, which measures the institution’s ability to support current                operations from expendable resources and |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |   |   |
|--------|--------|--------|

|   | · | net                income ratio, which measures the institution’s ability to operate at a                profit. |
|--------|--------|------------------------------------------------------------------------------------------------------------------------|

|  | · | **A                future TAP audit could result in Interboro or TCI being required                to make                material refunds of TAP grants and EVCI being required to reduce                its                operating income by the full amount of those                refunds.** |
|--|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | **Changes                in Ability to Benefit regulations could materially and adversely                affect                Interboro’s and TCI’s ability to operate and grow.** |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   |   |   |
|--------|--------|--------|

|   | · | **Our                failure to repay amounts outstanding under our amended and restated                credit                agreement when due would entitle our bank to foreclose on our                assets.** |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

*** ***

|   | · | **Over                the longer term, we expect enrollments at, and earnings of, our colleges                to grow at a much slower rate than they have since we acquired Interboro.** |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | **If                Interboro is unable to improve its persistence and graduation rates                to                levels SED deems acceptable, the Board of Regents may deny or adversely                condition Interboro’s                reaccredidation.** |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | **A                new TAP requirement relating to accelerated study could have a material                adverse impact on our revenue and retention and graduation                rates.**  |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|  | · | **If                SED continues to deny Interboro’s Yonkers site extension center status for                a protracted period of time, Interboro’s ability to continue operations in                Yonkers could be materially and adversely                affected.** |
|--|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | **The                capital and operating costs of implementing agreements with SED,                in                response to SED’s recommendations, could significantly exceed the                estimates we have made to                date.** |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | **Our                margins may continue to erode if the maximum federal and state grants                and                loans do not increase over                time.** |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | **The                seasonality of our enrollments produces significant variations in                our                results from quarter to                quarter.** |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | **If                our common stock is delisted from Nasdaq, the liquidity of our common                stock and our ability to raise additional capital when we may need                it most                could be adversely affected.** |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | · | the                liquidity of our common stock would be impaired, not only in the                number of                shares that could be bought and sold and lower prices for them, but                also                through delays in the timing of transactions and reduction in security                analysts’ and the news media’s coverage of                us. |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | these                trading factors would also make our common stock materially less                attractive to potential sources of financing that we may require,                including in connection with a refinancing or repayment of our bank                debt. |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | **Actual                or threatened legal proceedings against us or any of our colleges                by                regulatory agencies or private parties could have a material adverse                effect on our business.** |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | **The                loss of the services of key management personnel could have a material                adverse effect on our operations and growth.** |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | **Our                business and results could materially suffer if we improperly balance                or                divert resources from our operations to making acquisitions or if                we make                acquisitions that do not meet our expectations.** |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | **The                impact of unionization of Interboro’s faculty is not                known.** |
|--------|--------|---------------------------------------------------------------------------------------------------------|

|   | · | **If                the operation of a college’s computer system is adversely affected by                computer viruses that are not recognized by available anti-virus                software,                or for any other reason, its ability to operate could be severely                impaired.** |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | **Terrorist                activity, or the threat of it, in the New York Metropolitan area                could                adversely affect Interboro and TCI.**  |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | **Interboro’s                inability to foster and maintain relationships with community                organizations in the communities where its college sites are located                could                adversely affect those                sites.** |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | **A                change of control of EVCI could adversely affect our college’s receipt of                Pell and TAP funds.** |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------|

|   | · | **Future                changes in ownership of our common stock could substantially limit                the                utilization of our net operating loss                carryforwards.** |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | **Actual                or potential future sales of shares of our common stock by management                could have an adverse effect on the market price of our common                stock.** |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | · | **Our                share price has ranged greatly since we went public and may be very                volatile in the future.** |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------|

|   | · | **Provisions                of laws or regulations, our certificate of incorporation and by-laws                and                agreements with our executive officers could discourage takeover                attempts                and other investments in our common                stock.** |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | **Our                classified board limits stockholder voting for election and removal                of                directors.** |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------|

|   | · | **Indemnification                and limitation of liability of our officers and directors may insulate                them from accountability to stockholders at substantial cost to                us.** |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**Item      6. Exhibits **

| Exhibit                No.* |     | Description                of Exhibit                                                                                                                                                |
|-----------------------------|----------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                        |     |                                                                                                                                                                                 |
| 3.1[1]                      |  -- | Certificate                of Incorporation of the Registrant.                                                                                                                       |
|                        |     |                                                                                                                                                                                 |
| 3.2[1]                      |  -- | Certificate                of Merger of Educational Video Conferencing, Inc. (a New York Corporation)                into the Registrant (a Delaware Corporation).                   |
|                        |     |                                                                                                                                                                                 |
| 3.3[1]                      |  -- | Certificate                of Correction of the Certificate of Incorporation of the                Registrant.                                                                       |
|                        |     |                                                                                                                                                                                 |
| 3.4[3]                      |  -- | Certificate                of Amendment, dated February 22, 1999, to Certificate of Incorporation                of                the Registrant.                                   |
|                        |     |                                                                                                                                                                                 |
| 3.5[23]                     |  -- | Amended                and Restated By-Laws of the Registrant.                                                                                                                       |
|                        |     |                                                                                                                                                                                 |
| 3.6[5]                      |  -- | Certificate                Eliminating Reference to Series A 7.5% Convertible Preferred Stock                from                the Certificate of Incorporation of the Registrant. |
|                        |     |                                                                                                                                                                                 |
| 3.7[16]                     |  -- | Certificate                of Amendment, dated May 23, 2002, to Certificate of Incorporation                of the                Registrant.                                        |
|                        |     |                                                                                                                                                                                 |
| 3.8[5]                      |  -- | Certificate                Eliminating Reference to Series B 7% Convertible Preferred Stock                from the                Certificate of Incorporation of the Registrant.   |
|                        |     |                                                                                                                                                                                 |
| 3.9[5]                      |  -- | Certificate                Eliminating Reference to Series C 8% Convertible Preferred Stock                from the                Certificate of Incorporation of the Registrant.   |
|                        |     |                                                                                                                                                                                 |
| 3.10[20]                    |  -- | Certificate                of Amendment, filed August 9, 2004, to Certificate of Incorporation                of the                Registrant.                                      |
|                        |     |                                                                                                                                                                                 |
| 4.2[2]                      |  -- | Form                of Common Stock certificate.                                                                                                                                     |
|                        |     |                                                                                                                                                                                 |
| 4.3[4]                      |  -- | Warrant                Agreement, dated January 14, 2000, between the Registrant and Bruce.                R.                Kalisch.                                                |
|                        |     |                                                                                                                                                                                 |
| 4.4[6]                      |  -- | Warrant                Agreement, dated April 18, 2000, between the Registrant and Peter                J.                Solomon Company Limited.                                   |

----

| 4.5[7]                      |  -- | Form                of Warrant issued to each seller of shares of ICTS,                Inc.                                                                                                                                                                                                                                                                        |
|-----------------------------|----------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                        |     |                                                                                                                                                                                                                                                                                                                                                               |
| 4.6[14]                     |  -- | Common                Stock Purchase Warrant issued in September 2003, to purchase 45,000                shares                of the Registrant’s common stock.                                                                                                                                                                                             |
|                        |     |                                                                                                                                                                                                                                                                                                                                                               |
| 4.7[17]                     |  -- | Common                Stock Purchase Warrant issued to placement agent on March 29,                2004.                                                                                                                                                                                                                                                           |
|                        |     |                                                                                                                                                                                                                                                                                                                                                               |
| 10.1[28]                    |  -- | Amended                and Restated Employment Agreement between the Registrant and Dr.                Arol I.                Buntzman, dated August 12, 2005.                                                                                                                                                                                                     |
|                        |     |                                                                                                                                                                                                                                                                                                                                                               |
| 10.2[28]                    |  -- | Amended                and Restated Employment Agreement between the Registrant and Dr.                John J.                McGrath, dated August 12, 2005.                                                                                                                                                                                                      |
|                        |     |                                                                                                                                                                                                                                                                                                                                                               |
| 10.3                (a)[9]  |  -- | Employment                Agreement between the Registrant and Richard Goldenberg, dated January                1,                2003.                                                                                                                                                                                                                            |
|                        |     |                                                                                                                                                                                                                                                                                                                                                               |
| 10.3                (b)[23] |  -- | Letter                agreement, dated September 30, 2005, amending Employment Agreement                between                the Registrant and Richard Goldenberg dated January 1,                2003.                                                                                                                                                         |
|                        |     |                                                                                                                                                                                                                                                                                                                                                               |
| 10.4[10]                    |  -- | Amended                and Restated 1998 Incentive Stock Option Plan of the                Registrant.                                                                                                                                                                                                                                                             |
|                        |     |                                                                                                                                                                                                                                                                                                                                                               |
| 10.5[11]                    |  -- | 2001                Non-Qualified Stock Option Plan.                                                                                                                                                                                                                                                                                                               |
|                        |     |                                                                                                                                                                                                                                                                                                                                                               |
| 10.6[9]                     |  -- | Form                of Change in Control Agreement used for agreements the Registrant                has with                each of Dr. Arol I. Buntzman, Dr. John J. McGrath, and Richard Goldenberg,                dated February 11, 2003.                                                                                                                    |
|                        |     |                                                                                                                                                                                                                                                                                                                                                               |
| 10.7[1]                     |  -- | Form                of Indemnification Agreement. [Used for each director and executive                officer of the Registrant.]                                                                                                                                                                                                                                 |
|                        |     |                                                                                                                                                                                                                                                                                                                                                               |
| 10.8[4]                     |  -- | Stock                Purchase Agreement, dated January 14, 2000, among Bruce R. Kalisch,                Interboro Holding, Inc. and Interboro Institute, Inc.                                                                                                                                                                                                      |
|                        |     |                                                                                                                                                                                                                                                                                                                                                               |
| 10.9[12]                    |  -- | Lease                Agreement between 444 Realty Company and Interboro Institute, Inc.                dated                July 27, 1983, as amended by agreements dated September 20, 1988,                September 1, 1992, and February 1, 1993.                                                                                                              |
|                        |     |                                                                                                                                                                                                                                                                                                                                                               |
| 10.10[12]                   |  -- | Lease                Agreement between Interboro Institute, Inc. and JUYI, Inc., dated                January                26, 2001.                                                                                                                                                                                                                             |
|                        |     |                                                                                                                                                                                                                                                                                                                                                               |
| 10.11[8]                    |  -- | Promissory                Note for $1,000,000, dated August 4, 2003, payable by Interboro Institute,                Inc. to North Fork Bank.                                                                                                                                                                                                                       |
|                        |     |                                                                                                                                                                                                                                                                                                                                                               |
| 10.12[8]                    |  -- | Form                of the Registrant’s Subscription and Registration Rights Agreement                relating to the Registrant’s August 1, 2003 issuance of common stock and                warrants.                                                                                                                                                |
|                        |     |                                                                                                                                                                                                                                                                                                                                                               |
| 10.13[13]                   |  -- | Settlement                Agreement, made October 3, 2003, between Amaranth Trading L.L.C.                and the                Registrant.                                                                                                                                                                                                                       |
|                        |     |                                                                                                                                                                                                                                                                                                                                                               |
| 10.14[13]                   |  -- | Form                of Share Claim Purchase and Registration Rights Agreement between                the                Registrant and each investor acquiring a portion of the Amaranth                Trading                L.L.C.’s rights to claims to shares of EVCI’s common stock upon conversion                of Series B Preferred shares. |

----

| 10.15[14]                    |  -- | Third                Amendment and Lease Extension Agreement, made as of August 1, 2003,                between 444 Realty Company, L.L.C. and Interboro Institute,                Inc.                                                                                                 |
|------------------------------|----------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                         |     |                                                                                                                                                                                                                                                                                    |
| 10.16[15]                    |  -- | Ownership                and Registration Rights Agreement, dated November 11, 2003, between                the                Registrant and JLF Partners I, L.P., JLF Partners II, L.P. and JLF                Offshore Fund.                                                         |
|                         |     |                                                                                                                                                                                                                                                                                    |
| 10.17(a)[16]                 |  -- | Employment                Agreement between the Registrant and Joseph D. Alperin dated January                1, 2004.                                                                                                                                                                  |
|                         |     |                                                                                                                                                                                                                                                                                    |
| 10.17                (b)[23] |  -- | Letter                agreement, dated September 30, 2005, amending Employment Agreement                between                the Registrant and Joseph D. Alperin dated January 1,                2004.                                                                               |
|                         |     |                                                                                                                                                                                                                                                                                    |
| 10.18[16]                    |  -- | Option                Agreement between the Registrant and Joseph D. Alperin                dated January                1, 2004.                                                                                                                                                  |
|                         |     |                                                                                                                                                                                                                                                                                    |
| 10.19[16]                    |  -- | Change                of control letter agreement between the Registrant and Joseph D.                Alperin                dated January 1, 2004.                                                                                                                                     |
|                         |     |                                                                                                                                                                                                                                                                                    |
| 10.20[16]                    |  -- | Agreement,                made February 28, 2004, between Interboro Institute, Inc. and OPEIU                Local                153, AFL-CIO.                                                                                                                                         |
|                         |     |                                                                                                                                                                                                                                                                                    |
| 10.21[17]                    |  -- | Securities                Purchase Agreement, dated March 29, 2004, by and among the Registrant                and                each buyer named in the Schedule of Buyers.                                                                                                           |
|                         |     |                                                                                                                                                                                                                                                                                    |
| 10.22[17]                    |  -- | Registration                Rights Agreement, dated March 29, 2004, by and among the Registrant                and                each buyer named in the Schedule of Buyers.                                                                                                           |
|                         |     |                                                                                                                                                                                                                                                                                    |
| 10.23[18]                    |  -- | Ownership                and Registration Rights Agreement, dated April 2, 2004, by and among                the                Registrant and nine funds managed by Wellington Management Company,                LLP.                                                                 |
|                         |     |                                                                                                                                                                                                                                                                                    |
| 10.24[19]                    |  -- | 2004                Amended and Restated Incentive Stock Plan                                                                                                                                                                                                                           |
|                         |     |                                                                                                                                                                                                                                                                                    |
| 10.25[20]                    |  -- | Form                of Stock Option Agreement (Nonqualified Stock Option)                                                                                                                                                                                                               |
|                         |     |                                                                                                                                                                                                                                                                                    |
| 10.26[20]                    |  -- | Form                of Stock Option Agreement (Nonqualified Stock Option) covering option                grants to executive officers that were approved at the Registrant’s July                27, 2004 stockholders meeting.                                                   |
|                         |     |                                                                                                                                                                                                                                                                                    |
| 10.27[21]                    |  -- | Lease                made November 17, 2003 between Spruce Spires Associates, LP, and                Interboro                Institute, Inc.                                                                                                                                           |
|                         |     |                                                                                                                                                                                                                                                                                    |
| 10.28                (a)[22] |  -- | Sublease                for Premises at 37-02 Main Street, Flushing, NY 11354, dated March                28, 2005, between Genking, LLC and Interboro Institute, Inc. with                Exhibit                A and letter agreement, dated April 15, 2005, amending such sublease. |
|                         |     |                                                                                                                                                                                                                                                                                    |
| 10.28                (b)[22] |  -- | Consent                to Sublease, dated April 22, 2005, among Mehran Enterprises Ltd.,                Futurama                Home Furniture of Queens, Inc., Genking, LLC and Interboro Institute,                Inc.                                                               |
|                         |     |                                                                                                                                                                                                                                                                                    |
| 10.28                (c)[22] |  -- | Sublease,                dated March 30, 2004, between Futurama Home Furniture of Queens,                Inc. and                Genking, LLC.                                                                                                                                          |

----

| 10.28                (d)[22]  | --       | Agreement                of Lease, dated March 6, 2001, between Mehran Enterprise Ltd. and                Futurama                Home Furniture of Queens, Inc.                                                                                                                                                                                                                                                                                                  |
|-------------------------------|----------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                          |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
| 10.29                [24]     |  -- | Stock                Purchase Agreement, dated September 30, 2005, among EVCI Career Colleges                Holding Corp., Technical Career Institutes, Inc., East Coast Training                Services of Delaware, Inc., East Coast Capital Corp. and North American                Training Services, Inc., with Exhibits (Schedules will be provided                supplementally to the Securities and Exchange Commission upon                request). |
|                          |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
| 10.30(a)[25]                  |  -- | Loft                Lease dated as of September 1, 2004 between Getty Square Partners                LLC and                Interboro Institute, Inc.                                                                                                                                                                                                                                                                                                             |
|                          |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
| 10.30(b)[25]                  |  -- | Letter                agreement dated August 18, 2004 between Getty Square Partners LLC                and                Interboro Institute, Inc.                                                                                                                                                                                                                                                                                                               |
|                          |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
| 10.30(c)[25]                  |  -- | First                Amendment to Lease dated as of July 14, 2005 between Getty Square                Partners                LLC and Interboro Institute, Inc.                                                                                                                                                                                                                                                                                                   |
|                          |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
| 10.31[28]                     |  -- | 2004                Amended and Restated Incentive Stock Plan Restricted Stock Award                Agreement, dated August 12, 2005, between the Registrant and Dr.                Arol I.                Buntzman.                                                                                                                                                                                                                                              |
|                          |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
| 10.32[28]                     | --       | 2004                Amended and Restated Incentive Stock Plan Restricted Stock Award                Agreement, dated August 12, 2005, between the Registrant and Dr.                John J.                McGrath.                                                                                                                                                                                                                                               |
|                          |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
| 10.33                (a)[26]  | --       | Credit                Agreement, dated as of September 16, 2005, among the Registrant,                the                Guarantors from time-to-time parties thereto, the lenders from                time-to-time parties thereto and Harris N.A.                                                                                                                                                                                                               |
|                          |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
| 10.33                (b) [28] | --       | First                Amendment to Credit Agreement , dated as of November 10, 2005, between                the                Registrant and Harris, N.A.                                                                                                                                                                                                                                                                                                         |
|                          |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
| 10.34                [26]     | --       | Security                Agreement, dated as of September 16, 2005, among EVCI and other Debtors                and Harris N.A.                                                                                                                                                                                                                                                                                                                                    |
|                          |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
| 10.35                [26]     | --       | Trademark                Collateral Agreement, dated September 16, 2005, between Technical                Career                Institutes, Inc. and Harris N.A.                                                                                                                                                                                                                                                                                                  |
|                          |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
| 10.36                [27]     | --       | Employment                Agreement, dated as of September 29, 2005, between EVCI and Joseph                J. Looney.                                                                                                                                                                                                                                                                                                                                            |
|                          |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
| 10.37                [27]     | --       | Change                of control letter agreement, dated September 29, 2005, between EVCI                and                Joseph J. Looney.                                                                                                                                                                                                                                                                                                                     |
|                          |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
| 10.38                [28]     | --       | Lease                Agreement between Brill & Sharma Equities and Pennsylvania School of                Business for a term commencing June 1, 2005.                                                                                                                                                                                                                                                                                                         |
|                          |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
| 10.39                (a)[28]  | --       | Net                Lease, dated as of December 19, 1997, between Overtime Properties                LLC and                Technical Career Institutes, Inc.                                                                                                                                                                                                                                                                                                      |
|                          |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
| 10.39                (b)[28]  | --       | First                Amendment of Lease dated as of October 1, 2002 between Overtime                Properties, LLC and Technical Career Institutes, Inc.                                                                                                                                                                                                                                                                                                         |
|                          |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
| 10.40                (a)[28]  | --       | Lease,                dated October 11, 1994, between F.H.E.A. Associates and Technical                Career                Institutes, Inc.                                                                                                                                                                                                                                                                                                                     |

----

| 10.40                (b)[28] | --       | First                Amendment of Lease, dated January 20, 1995, between F.H.E.A. Associates                and Technical Career Institutes, Inc.                                                                                                                                                                                                                                                                                                                                                                                                                           |
|------------------------------|----------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                         |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
| 10.40                (c)[28] |  -- | Second                Modification and Extension of Lease Agreement, dated April 15, 2005,                between Eighth Avenue Limited Liability Company and Technical Career                Institutes, Inc.                                                                                                                                                                                                                                                                                                                                                              |
|                         |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
| 10.41                (a)[28] |  -- | Collective                Bargaining Agreement between Technical Career Institutes, Inc. and                T.O.P.                Local 2110 UAW, AFL-CIO, effective October 10, 1992- October 9, 1995,                and                covering office clerical employees.                                                                                                                                                                                                                                                                                               |
|                         |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
| 10.41                (b)[28] |  -- | Memorandum                of Agreement, dated October 10, 1995, between T.O.P. Local 2110                UAW-AFL-CIO and Technical Career Institutes, Inc., amending collective                bargaining agreement between the parties covering office and clerical                employees, which was effective October 10, 1992- October 9,                1995.                                                                                                                                                                                                        |
|                         |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
| 10.41                (c)[28] |  -- | Memorandum                of Agreement, dated October ____, 1998, between T.O.P. Local 2110                UAW-AFL-CIO and Technical Career Institutes, Inc., amending collective                bargaining agreement between the parties covering office clerical                employees, which was effective from October 10, 1995 through October                9,                1998.                                                                                                                                                                               |
|                         |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
| 10.41                (d)[28] |  -- | Collective                Bargaining Agreement between Technical Career Institutes, Inc. and                T.O.P.                Local 2110 UAW-AFL-CIO effective October 10, 1998-October 9, 2001,                covering instructors, laboratory technicians and maintenance persons                (This                agreement amends and restates the prior collective bargaining agreements                with the instructors, laboratory technicians and maintenance                employees.)                                                                |
|                         |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
| 10.41                (e)[28] |  -- | Memorandum                of Agreement, dated October 10, 2001, between T.O.P. Local 2110                UAW-AFL-CIO and Technical Career Institutes, Inc., amending (A) collective                bargaining agreement between the parties covering instructors, laboratory                technicians and maintenance employees and (B) collective bargaining                agreement between the parties covering office clerical employees,                each                such prior agreement effective October 10, 1998 through October 9,                2001. |
|                         |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
| 10.41                (f)[28] |  -- | Memorandum                of Agreement, dated October 10, 2004, between T.O.P. Local 2110                UAW-AFL-CIO and Technical Career Institutes, Inc., amending (A) collective                bargaining agreement between the parties covering instructors, laboratory                technicians and maintenance employees and (B) collective bargaining                agreement between the parties covering office clerical employees,                each                such agreement effective October 10, 2001 through October 9,                2004.       |
|                         |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
| 10.42                [29]    |  -- | Letter                agreement, dated March 1, 2006, between the Registrant                and Dr.                John J. McGrath.                                                                                                                                                                                                                                                                                                                                                                                                                                    |
|                         |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
| 10.43                [29]    |  -- | Form                of Restricted Stock Award Agreement for the restricted stock awards                to                participant's in the March 2006 salary reduction plan, including                Dr. John                J. McGrath, Dr. Arol I. Buntzman and Joseph J. Looney, without Annexes                A                and B.                                                                                                                                                                                                                              |
|                         |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
| 10.44                [29]    |  -- | Employment                Agreement, dated March 1, 2006, between the Registrant and Joseph                D. Alperin.                                                                                                                                                                                                                                                                                                                                                                                                                                                      |

----

| 10.45                [29] |  -- | Restricted                Stock Award Agreement, dated March 1, 2006, between the Registrant                and                Joseph D. Alperin, without Annex A.                                                                                                                                                                                                                                                                                                   |
|---------------------------|----------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                      |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
| 10.46[34]                 |  -- | Amended                and Restated Credit Agreement dated as of September 16, 2005, amended                and                restated as of March 31, 2006 among EVCI Career Colleges Holding                Corp., the Guarantors from time to time parties hereto, and Harris                N.A. as                lender. Schedules will be provided supplementally to the Securities                and                Exchange Commission upon request. |
|                      |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
| 10.47[35]                 |  -- | First                Amendment, made April 30, 2006, to Amended and Restated Credit Agreement                dated as of September 16, 2005 and amended and restated as of March                31,                2006.                                                                                                                                                                                                                                             |
|                      |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
| 10.48[36]                 |  -- | Second                Amendment, made June 26, 2006, to Amended and Restated Credit Agreement                dated as of September 16, 2005 and amended and restated as of March                31,                2006.                                                                                                                                                                                                                                             |
|                      |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
| 10.49[36]                 |  -- | Waiver                Agreement, made August 9, 2006, relating to Amended and Restated                Credit                Agreement dated September 16, 2005 and amended and restated as of                March                31, 2006.                                                                                                                                                                                                                          |
|                      |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
| 10.50[37]                 |  -- | Letter                Agreement, dated October 24, 2006, between the Registrant and Dr.                Arol I. Buntzman.                                                                                                                                                                                                                                                                                                                                             |
|                      |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
| 31.1**                    |  -- | Certification                of Chief Executive Officer required by Rule 13a-14(a) under the Exchange                Act.                                                                                                                                                                                                                                                                                                                                            |
|                      |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
| 31.2**                    |  -- | Certification                of Chief Financial Officer required by Rule 13a-14(a) under the Exchange                Act.                                                                                                                                                                                                                                                                                                                                            |
|                      |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
| 32.1**                    |  -- | Certification                of Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as                adopted                pursuant to Section 906 of Sarbanes-Oxley Act of 2002.                                                                                                                                                                                                                                                                          |
|                      |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
| 32.2**                    |  -- | Certification                of Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as                adopted                pursuant to Section 906 of Sarbanes-Oxley Act of 2002.                                                                                                                                                                                                                                                                          |
|                      |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
| 99.1[21]                  |  -- | Text                of final report, dated March 7, 2005, detailing the calculation of                the TAP                disallowances resulting from the TAP audit of the 2000-01 through                2002-03                academic years of Interboro Institute, Inc.                                                                                                                                                                                     |
|                      |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
| 99.2                [24]  |  -- | Press                Release dated September 30, 2005 related to the announcement of                Exhibit                10.29(a) of this report.                                                                                                                                                                                                                                                                                                                  |
|                      |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
| 99.3                [27]  |  -- | Press                release dated October 3, 2005 and captioned “EVCI Career Colleges Hires                Joseph J. Looney to serve as Chief Financial Officer.”                                                                                                                                                                                                                                                                                       |
|                      |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
| 99.4                [28]  |  -- | Press                Release dated October 19, 2005 and captioned “EVCI Career Colleges                Receives Draft Report of Compliance Review of Interboro                Institute.”                                                                                                                                                                                                                                                                |
|                      |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
| 99.5[30]                  |  -- | Unaudited                financial statements of Technical Career Institutes, Inc. as of                September                30, 2005 and for the nine months ended September 30, 2005 and 2004,                and                the notes related thereto.                                                                                                                                                                                                    |
|                      |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
| 99.6[30                   |  -- | Audited                financial statements of Technical Career Institutes, Inc. as of                September                30, 2004 and 2003 and for each of the years in the three-year period                ended                September 30, 2004 and the notes related                thereto.                                                                                                                                                             |

----

| 99.7                [30]  |  -- | Unaudited                pro forma financial information for the year ended December 31, 2004                and                the nine months ended September 30, 2005 and the notes related thereto.                                                                                                                                                                                 |
|---------------------------|----------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                      |     |                                                                                                                                                                                                                                                                                                                                                                                    |
| 99.8                [31]  |  -- | Press                release dated December 5, 2005 and captioned “EVCI Career Colleges                Receives Final Report of Compliance Review of Interboro                Institute.”                                                                                                                                                                                   |
|                      |     |                                                                                                                                                                                                                                                                                                                                                                                    |
| 99.9                [31]  |  -- | Draft                Report of Compliance Review of Interboro Institute dated October                7,                2005.                                                                                                                                                                                                                                                            |
|                      |     |                                                                                                                                                                                                                                                                                                                                                                                    |
| 99.10[31]                 |  -- | Response                of Interboro Institute Inc., dated November 3, 2005, to two draft                reports                from the State Education Department of New York.                                                                                                                                                                                                        |
|                      |     |                                                                                                                                                                                                                                                                                                                                                                                    |
| 99.11                [31] |  -- | Letter                dated November 23, 2005 from Stephen H. Adolphus, President of Interboro                Institute, to Joseph P. Frey, Assistant Commissioner- Office of Quality                Assurance, New York State Education Department outlining Interboro                Institute’s revised admissions screening procedures.                                       |
|                      |     |                                                                                                                                                                                                                                                                                                                                                                                    |
| 99.12                [31] |  -- | Letter                dated November 21, 2005 from Steven M. Gombos of Ritzert & Leyton to                Joseph P. Frey, Assistant Commissioner, The State Education Department                outlining the results of the independent investigation for the Audit                Committee of the Board of Directors of EVCI Career Colleges Holding                Corp.        |
|                      |     |                                                                                                                                                                                                                                                                                                                                                                                    |
| 99.13                [31] |  -- | Letter                dated December 2, 2005 from Joseph P. Frey, Assistant Commissioner-                Office                of Quality Assurance, the State Education Department of New York                including                attachment titled “State Education Department Analysis of Interboro                Institute’s Response to the Draft Report.” |
|                      |     |                                                                                                                                                                                                                                                                                                                                                                                    |
| 99.14                [32] |  -- | Press                release dated January 13, 2006 and captioned “EVCI Career Colleges Reports                New Student Caps for Interboro’s Spring 2006 Through Spring 2007                Semesters.”                                                                                                                                                            |
|                      |     |                                                                                                                                                                                                                                                                                                                                                                                    |
| 99.15                [32] |  -- | Letter                dated December 19, 2005 with enclosures from the registrant to Joseph                P.                Frey, Assistant Commissioner.                                                                                                                                                                                                                              |
|                      |     |                                                                                                                                                                                                                                                                                                                                                                                    |
| 99.16                [32] |  -- | Letter                dated December 23, 2005 from Johanna Duncan-Poitier, Deputy Commissioner,                to the registrant.                                                                                                                                                                                                                                                       |
|                      |     |                                                                                                                                                                                                                                                                                                                                                                                    |
| 99.17                [32] |  -- | Letter                dated January 4, 2006 with enclosure from the registrant to Johanna                Duncan-Poitier, Deputy Commissioner.                                                                                                                                                                                                                                           |
|                      |     |                                                                                                                                                                                                                                                                                                                                                                                    |
| 99.18                [32] |  -- | Letter                dated January 11, 2006 from Johanna Duncan-Poitier, Deputy Commissioner,                to the registrant.                                                                                                                                                                                                                                                        |
|                      |     |                                                                                                                                                                                                                                                                                                                                                                                    |
| 99.19                [33] |  -- | Response                of Interboro Institute to the December 2, 2005 Report from the New                York                State Education Department.                                                                                                                                                                                                                               |
|                      |     |                                                                                                                                                                                                                                                                                                                                                                                    |
| 99.20                [33] |  -- | Letter                dated February 2, 2006 from the New York State Education Department                to                EVCI.                                                                                                                                                                                                                                                        |
|                      |     |                                                                                                                                                                                                                                                                                                                                                                                    |
| 99.21[34]                 |  -- | Interboro                Institute’s Comprehensive Institutional Effectiveness Plan with                transmittal letter from the registrant dated February 22, 2006.                                                                                                                                                                                                           |
|                      |     |                                                                                                                                                                                                                                                                                                                                                                                    |
| 99.22[34]                 |  -- | Letter                dated March 13, 2006 from the New York State Education Department                to the                Registrant.                                                                                                                                                                                                                                                |

----

| 99.23[34] |  -- | Letter                dated March 14, 2006 from the New York State Education Department                to the                Registrant.                                                                   |
|-----------|----------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|      |     |                                                                                                                                                                                                       |
| 99.24[34] |  -- | Interboro                Institute’s Mid-Point Self Study dated March 28, 2006 (without attachments                with transmittal letter from the Registrant dated March 30,                2006.) |

----

| *  | Numbers                inside brackets indicate documents from which exhibits have been                incorporated by reference. |
|----|-----------------------------------------------------------------------------------------------------------------------------------|
| ** | Filed                herewith.                                                                                                    |

| [1]    | Incorporated                by reference to the Registrant’s Registration Statement on Form SB-2,                filed October                23, 1998, Registration No. 333-66085.                                   |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |                                                                                                                                                                                                                        |
| [2]    | Incorporated                by reference to Amendment No. 4, dated February 10, 1999, to the                Registrant’s Form SB-2, Registration No. 333-66085.                                                       |
|   |                                                                                                                                                                                                                        |
| [3]    | Incorporated                by reference to Registrant’s Form 10-QSB for the quarter ended September                30, 1999.                                                                                         |
|   |                                                                                                                                                                                                                        |
| [4]    | Incorporated                by reference to the Registrant’s Form 8-K dated January 14,                2000.                                                                                                          |
|   |                                                                                                                                                                                                                        |
| [5]    | Incorporated                by reference to the Registrant’s Form 8-K dated October 6,                2000.                                                                                                           |
|   |                                                                                                                                                                                                                        |
| [6]    | Incorporated                by reference to the Registrant’s Form 10-QSB for the quarter ended                September 30, 2000.                                                                                     |
|   |                                                                                                                                                                                                                        |
| [7]    | Incorporated                by reference to the Registrant’s Form 8-K dated July 1,                2001.                                                                                                              |
|   |                                                                                                                                                                                                                        |
| [8]    | Incorporated                by reference to the Registrant’s Form 10-QSB for the quarter ended                September 30, 2003.                                                                                     |
|   |                                                                                                                                                                                                                        |
| [9]    | Incorporated                by reference to the Registrant’s Form 10-KSB for the year ended December                31, 2002.                                                                                         |
|   |                                                                                                                                                                                                                        |
| [10]   | Incorporated                by reference to the Registrant’s Registration Statement on Form S-8 filed                December                31, 2002, Registration No. 333-102310.                                   |
|   |                                                                                                                                                                                                                        |
| [11]   | Incorporated                by reference to the Registrant’s Registration Statement on Form S-8 filed                October 23, 2001, Registration No. 333-72080.                                                    |
|   |                                                                                                                                                                                                                        |
| [12]   | Incorporated                by reference to the Registrant’s Form 10-QSB for the quarter ended                September 30, 2003.                                                                                     |
|   |                                                                                                                                                                                                                        |
| [13]   | Incorporated                by reference to the Registrant’s Form 8-K dated October 10,                2003.                                                                                                          |
|   |                                                                                                                                                                                                                        |
| [14]   | Incorporated                by reference to the Registrant’s Form 10-QSB for the quarter ended                September 30, 2003.                                                                                     |
|   |                                                                                                                                                                                                                        |
| [15]   | Incorporated                by reference to Amendment No. 1 to the Registrant’s Registration Statement                on Form                S-3, filed December 4, 2003, Registration No.                333-110567. |

----

|   |                                                                                                                                    |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------|
| [16]   | Incorporated                by reference to the Registrant’s Form 10-KSB/A for the year ended December                31, 2003.   |
|   |                                                                                                                                    |
| [17]   | Incorporated                by reference to the Registrant’s Form 8-K dated March 29,                2004.                        |
|   |                                                                                                                                    |
| [18]   | Incorporated                by reference to the Registrant’s Form 10-QSB for the quarter ended                September 30, 2004. |
|   |                                                                                                                                    |
| [19]   | Incorporated                by reference to the Registrant’s definitive Proxy Statement dated May 2,                2005.         |
|   |                                                                                                                                    |
| [20]   | Incorporated                by reference to the Registrant’s Form 10-QSB for the quarter ended                September 30, 2004. |

| [21]   | Incorporated                by reference to the Registrant’s Form 10-KSB for the year ended December                31, 2004.   |
|--------|---------------------------------------------------------------------------------------------------------------------------------------|
|   |                                                                                                                                  |
| [22]   | Incorporated                by reference to the Registrant’s Form 8-K dated March 7, 2005.                                      |
|   |                                                                                                                                  |
| [23]   | Incorporated                by reference to the Registrant’s Form 10-Q for the quarter ended September                30, 2005. |
|   |                                                                                                                                  |
| [24]   | Incorporated                by reference to the Registrant’s Form 8-K dated July 1, 2005.                                       |
|   |                                                                                                                                  |
| [25]   | Incorporated                by reference to the Registrant’s Form 8-K dated July 18, 2005.                                      |
|   |                                                                                                                                  |
| [26]   | Incorporated                by reference to the Registrant’s Form 8-K dated September 16,                2005.                  |
|   |                                                                                                                                  |
| [27]   | Incorporated                by reference to the Registrant’s Form 8-K dated September 29,                2005.                  |
|   |                                                                                                                                  |
| [28]   | Incorporated                by reference to the Registrant’s Form 10-Q for the quarter ended September                30, 2005. |
|   |                                                                                                                                  |
| [29]   | Incorporated                by reference to the Registrant’s Form 8-K dated March 1,                2006.                       |
|   |                                                                                                                                  |
| [30]   | Incorporated                by reference to the Registrant’s Form 8-K/A dated September 16,                2005.                |
|   |                                                                                                                                  |
| [31]   | Incorporated                by reference to the Registrant’s Form 8-K dated December 5,                2005.                    |
|   |                                                                                                                                  |
| [32]   | Incorporated                by reference to the Registrant’s Form 8-K dated January 12,                2006.                    |
|   |                                                                                                                                  |
| [33]   | Incorporated                by reference to the Registrant’s Form 8-K dated February 3,                2006.                    |
|   |                                                                                                                                  |
| [34]   | Incorporated                by reference to the Registrant’s Form 10-K filed September 30,                2006.                 |
|   |                                                                                                                                  |
| [35]   | Incorporated                by reference to the Registrant’s Form 10-Q for the quarter ended March 31,                2006.     |
|   |                                                                                                                                  |
| [36]   | Incorporated                by reference to the Registrant’s Form 10-Q for the quarter ended June 30,                2006.      |
|   |                                                                                                                                  |
| [37]   | Incorporated                by reference to the Registrant’s Form 8-K dated October 26,                2006.                    |

----

**SIGNATURES**

|         |                                                 |                                         |
|--------------|------------------------------------------------------|----------------------------------------------|
|         | EVCI                CAREER COLLEGES HOLDING CORP.    |
|    |                                            |                                    |
|              | By:                                        | /s/                 Dr. John J. McGrath |
|         | Dr.                John J. McGrath                   |
|         | Chief                Executive Officer and President |
|         | (Principal                Executive Officer)         |

|   |                                                                                               |                                  |
|--------|----------------------------------------------------------------------------------------------------|---------------------------------------|
|   |                                                                                                    |
|        | By:                                                                                      | /s/                Richard Goldenberg |
|   | Richard                Goldenberg                                                                  |
|   | Chief                Financial Officer (Principal                Financial and Accounting Officer) |

----

**EXHIBIT      INDEX**

| Exhibit                No.* |     | Description                of Exhibit                                                                                                                                                |
|-----------------------------|----------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                        |     |                                                                                                                                                                                 |
| 3.1[1]                      |  -- | Certificate                of Incorporation of the Registrant.                                                                                                                       |
|                        |     |                                                                                                                                                                                 |
| 3.2[1]                      |  -- | Certificate                of Merger of Educational Video Conferencing, Inc. (a New York Corporation)                into the Registrant (a Delaware Corporation).                   |
|                        |     |                                                                                                                                                                                 |
| 3.3[1]                      |  -- | Certificate                of Correction of the Certificate of Incorporation of the                Registrant.                                                                       |
|                        |     |                                                                                                                                                                                 |
| 3.4[3]                      |  -- | Certificate                of Amendment, dated February 22, 1999, to Certificate of Incorporation                of                the Registrant.                                   |
|                        |     |                                                                                                                                                                                 |
| 3.5[23]                     |  -- | Amended                and Restated By-Laws of the Registrant.                                                                                                                       |
|                        |     |                                                                                                                                                                                 |
| 3.6[5]                      |  -- | Certificate                Eliminating Reference to Series A 7.5% Convertible Preferred Stock                from                the Certificate of Incorporation of the Registrant. |
|                        |     |                                                                                                                                                                                 |
| 3.7[16]                     |  -- | Certificate                of Amendment, dated May 23, 2002, to Certificate of Incorporation                of the                Registrant.                                        |
|                        |     |                                                                                                                                                                                 |
| 3.8[5]                      |  -- | Certificate                Eliminating Reference to Series B 7% Convertible Preferred Stock                from the                Certificate of Incorporation of the Registrant.   |
|                        |     |                                                                                                                                                                                 |
| 3.9[5]                      |  -- | Certificate                Eliminating Reference to Series C 8% Convertible Preferred Stock                from the                Certificate of Incorporation of the Registrant.   |
|                        |     |                                                                                                                                                                                 |
| 3.10[20]                    |  -- | Certificate                of Amendment, filed August 9, 2004, to Certificate of Incorporation                of the                Registrant.                                      |
|                        |     |                                                                                                                                                                                 |
| 4.2[2]                      |  -- | Form                of Common Stock certificate.                                                                                                                                     |
|                        |     |                                                                                                                                                                                 |
| 4.3[4]                      |  -- | Warrant                Agreement, dated January 14, 2000, between the Registrant and Bruce.                R.                Kalisch.                                                |
|                        |     |                                                                                                                                                                                 |
| 4.4[6]                      |  -- | Warrant                Agreement, dated April 18, 2000, between the Registrant and Peter                J.                Solomon Company Limited.                                   |
|                        |     |                                                                                                                                                                                 |
| 4.5[7]                      |  -- | Form                of Warrant issued to each seller of shares of ICTS,                Inc.                                                                                          |
|                        |     |                                                                                                                                                                                 |
| 4.6[14]                     |  -- | Common                Stock Purchase Warrant issued in September 2003, to purchase 45,000                shares                of the Registrant’s common stock.               |
|                        |     |                                                                                                                                                                                 |
| 4.7[17]                     |  -- | Common                Stock Purchase Warrant issued to placement agent on March 29,                2004.                                                                             |
|                        |     |                                                                                                                                                                                 |
| 10.1[28]                    |  -- | Amended                and Restated Employment Agreement between the Registrant and Dr.                Arol I.                Buntzman, dated August 12, 2005.                       |
|                        |     |                                                                                                                                                                                 |
| 10.2[28]                    |  -- | Amended                and Restated Employment Agreement between the Registrant and Dr.                John J.                McGrath, dated August 12, 2005.                        |

----

| 10.3                (a)[9]  |  -- | Employment                Agreement between the Registrant and Richard Goldenberg, dated January                1,                2003.                                                                                                                                                                                                                            |
|-----------------------------|----------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                        |     |                                                                                                                                                                                                                                                                                                                                                               |
| 10.3                (b)[23] |  -- | Letter                agreement, dated September 30, 2005, amending Employment Agreement                between                the Registrant and Richard Goldenberg dated January 1,                2003.                                                                                                                                                         |
|                        |     |                                                                                                                                                                                                                                                                                                                                                               |
| 10.4[10]                    |  -- | Amended                and Restated 1998 Incentive Stock Option Plan of the                Registrant.                                                                                                                                                                                                                                                             |
|                        |     |                                                                                                                                                                                                                                                                                                                                                               |
| 10.5[11]                    |  -- | 2001                Non-Qualified Stock Option Plan.                                                                                                                                                                                                                                                                                                               |
|                        |     |                                                                                                                                                                                                                                                                                                                                                               |
| 10.6[9]                     |  -- | Form                of Change in Control Agreement used for agreements the Registrant                has with                each of Dr. Arol I. Buntzman, Dr. John J. McGrath, and Richard Goldenberg,                dated February 11, 2003.                                                                                                                    |
|                        |     |                                                                                                                                                                                                                                                                                                                                                               |
| 10.7[1]                     |  -- | Form                of Indemnification Agreement. [Used for each director and executive                officer of the Registrant.]                                                                                                                                                                                                                                 |
|                        |     |                                                                                                                                                                                                                                                                                                                                                               |
| 10.8[4]                     |  -- | Stock                Purchase Agreement, dated January 14, 2000, among Bruce R. Kalisch,                Interboro Holding, Inc. and Interboro Institute, Inc.                                                                                                                                                                                                      |
|                        |     |                                                                                                                                                                                                                                                                                                                                                               |
| 10.9[12]                    |  -- | Lease                Agreement between 444 Realty Company and Interboro Institute, Inc.                dated                July 27, 1983, as amended by agreements dated September 20, 1988,                September 1, 1992, and February 1, 1993.                                                                                                              |
|                        |     |                                                                                                                                                                                                                                                                                                                                                               |
| 10.10[12]                   |  -- | Lease                Agreement between Interboro Institute, Inc. and JUYI, Inc., dated                January                26, 2001.                                                                                                                                                                                                                             |
|                        |     |                                                                                                                                                                                                                                                                                                                                                               |
| 10.11[8]                    |  -- | Promissory                Note for $1,000,000, dated August 4, 2003, payable by Interboro Institute,                Inc. to North Fork Bank.                                                                                                                                                                                                                       |
|                        |     |                                                                                                                                                                                                                                                                                                                                                               |
| 10.12[8]                    |  -- | Form                of the Registrant’s Subscription and Registration Rights Agreement                relating to the Registrant’s August 1, 2003 issuance of common stock and                warrants.                                                                                                                                                |
|                        |     |                                                                                                                                                                                                                                                                                                                                                               |
| 10.13[13]                   |  -- | Settlement                Agreement, made October 3, 2003, between Amaranth Trading L.L.C.                and the                Registrant.                                                                                                                                                                                                                       |
|                        |     |                                                                                                                                                                                                                                                                                                                                                               |
| 10.14[13]                   |  -- | Form                of Share Claim Purchase and Registration Rights Agreement between                the                Registrant and each investor acquiring a portion of the Amaranth                Trading                L.L.C.’s rights to claims to shares of EVCI’s common stock upon conversion                of Series B Preferred shares. |
|                        |     |                                                                                                                                                                                                                                                                                                                                                               |
| 10.15[14]                   |  -- | Third                Amendment and Lease Extension Agreement, made as of August 1, 2003,                between 444 Realty Company, L.L.C. and Interboro Institute,                Inc.                                                                                                                                                                            |
|                        |     |                                                                                                                                                                                                                                                                                                                                                               |
| 10.16[15]                   |  -- | Ownership                and Registration Rights Agreement, dated November 11, 2003, between                the                Registrant and JLF Partners I, L.P., JLF Partners II, L.P. and JLF                Offshore Fund.                                                                                                                                    |
|                        |     |                                                                                                                                                                                                                                                                                                                                                               |
| 10.17(a)[16]                |  -- | Employment                Agreement between the Registrant and Joseph D. Alperin dated January                1, 2004.                                                                                                                                                                                                                                             |

| 10.17                (b)[23] |  -- | Letter                agreement, dated September 30, 2005, amending Employment Agreement                between                the Registrant and Joseph D. Alperin dated January 1,                2004. |
|------------------------------|----------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 10.18[16]                    |  -- | Option                Agreement between the Registrant and Joseph D. Alperin dated January                1, 2004.                                                                                                                                                                                                                                                                                                                                                |
|------------------------------|----------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                         |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
| 10.19[16]                    |  -- | Change                of control letter agreement between the Registrant and Joseph D.                Alperin                dated January 1, 2004.                                                                                                                                                                                                                                                                                                               |
|                         |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
| 10.20[16]                    |  -- | Agreement,                made February 28, 2004, between Interboro Institute, Inc. and OPEIU                Local                153, AFL-CIO.                                                                                                                                                                                                                                                                                                                   |
|                         |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
| 10.21[17]                    |  -- | Securities                Purchase Agreement, dated March 29, 2004, by and among the Registrant                and                each buyer named in the Schedule of Buyers.                                                                                                                                                                                                                                                                                     |
|                         |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
| 10.22[17]                    |  -- | Registration                Rights Agreement, dated March 29, 2004, by and among the Registrant                and                each buyer named in the Schedule of Buyers.                                                                                                                                                                                                                                                                                     |
|                         |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
| 10.23[18]                    |  -- | Ownership                and Registration Rights Agreement, dated April 2, 2004, by and among                the                Registrant and nine funds managed by Wellington Management Company,                LLP.                                                                                                                                                                                                                                           |
|                         |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
| 10.24[19]                    |  -- | 2004                Amended and Restated Incentive Stock Plan                                                                                                                                                                                                                                                                                                                                                                                                     |
|                         |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
| 10.25[20]                    |  -- | Form                of Stock Option Agreement (Nonqualified Stock Option)                                                                                                                                                                                                                                                                                                                                                                                         |
|                         |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
| 10.26[20]                    |  -- | Form                of Stock Option Agreement (Nonqualified Stock Option) covering option                grants to executive officers that were approved at the Registrant’s July                27, 2004 stockholders meeting.                                                                                                                                                                                                                             |
|                         |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
| 10.27[21]                    |  -- | Lease                made November 17, 2003 between Spruce Spires Associates, LP, and                Interboro                Institute, Inc.                                                                                                                                                                                                                                                                                                                     |
|                         |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
| 10.28                (a)[22] |  -- | Sublease                for Premises at 37-02 Main Street, Flushing, NY 11354, dated March                28, 2005, between Genking, LLC and Interboro Institute, Inc. with                Exhibit                A and letter agreement, dated April 15, 2005, amending such sublease.                                                                                                                                                                           |
|                         |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
| 10.28                (b)[22] |  -- | Consent                to Sublease, dated April 22, 2005, among Mehran Enterprises Ltd.,                Futurama                Home Furniture of Queens, Inc., Genking, LLC and Interboro Institute,                Inc.                                                                                                                                                                                                                                         |
|                         |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
| 10.28                (c)[22] |  -- | Sublease,                dated March 30, 2004, between Futurama Home Furniture of Queens,                Inc. and                Genking, LLC.                                                                                                                                                                                                                                                                                                                    |
|                         |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
| 10.28                (d)[22] | --       | Agreement                of Lease, dated March 6, 2001, between Mehran Enterprise Ltd. and                Futurama                Home Furniture of Queens, Inc.                                                                                                                                                                                                                                                                                                  |
|                         |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
| 10.29                [24]    |  -- | Stock                Purchase Agreement, dated September 30, 2005, among EVCI Career Colleges                Holding Corp., Technical Career Institutes, Inc., East Coast Training                Services of Delaware, Inc., East Coast Capital Corp. and North American                Training Services, Inc., with Exhibits (Schedules will be provided                supplementally to the Securities and Exchange Commission upon                request). |
|                         |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
| 10.30(a)[25]                 |  -- | Loft                Lease dated as of September 1, 2004 between Getty Square Partners                LLC and                Interboro Institute, Inc.                                                                                                                                                                                                                                                                                                             |
|                         |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
| 10.30(b)[25]                 |  -- | Letter                agreement dated August 18, 2004 between Getty Square Partners LLC                and                Interboro Institute, Inc.                                                                                                                                                                                                                                                                                                               |

----

| 10.30(c)[25]                  |  -- | First                Amendment to Lease dated as of July 14, 2005 between Getty Square                Partners                LLC and Interboro Institute, Inc.                                                                                                               |
|-------------------------------|----------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                          |     |                                                                                                                                                                                                                                                                          |
| 10.31[28]                     |  -- | 2004                Amended and Restated Incentive Stock Plan Restricted Stock Award                Agreement, dated August 12, 2005, between the Registrant and Dr.                Arol I.                Buntzman.                                                          |
|                          |     |                                                                                                                                                                                                                                                                          |
| 10.32[28]                     | --       | 2004                Amended and Restated Incentive Stock Plan Restricted Stock Award                Agreement, dated August 12, 2005, between the Registrant and Dr.                John J.                McGrath.                                                           |
|                          |     |                                                                                                                                                                                                                                                                          |
| 10.33                (a)[26]  | --       | Credit                Agreement, dated as of September 16, 2005, among the Registrant,                the                Guarantors from time-to-time parties thereto, the lenders from                time-to-time parties thereto and Harris N.A.                           |
|                          |     |                                                                                                                                                                                                                                                                          |
| 10.33                (b) [28] | --       | First                Amendment to Credit Agreement , dated as of November 10, 2005, between                the                Registrant and Harris, N.A.                                                                                                                     |
|                          |     |                                                                                                                                                                                                                                                                          |
| 10.34                [26]     | --       | Security                Agreement, dated as of September 16, 2005, among EVCI and other Debtors                and Harris N.A.                                                                                                                                                |
|                          |     |                                                                                                                                                                                                                                                                          |
| 10.35                [26]     | --       | Trademark                Collateral Agreement, dated September 16, 2005, between Technical                Career                Institutes, Inc. and Harris N.A.                                                                                                              |
|                          |     |                                                                                                                                                                                                                                                                          |
| 10.36                [27]     | --       | Employment                Agreement, dated as of September 29, 2005, between EVCI and Joseph                J. Looney.                                                                                                                                                        |
|                          |     |                                                                                                                                                                                                                                                                          |
| 10.37                [27]     | --       | Change                of control letter agreement, dated September 29, 2005, between EVCI                and                Joseph J. Looney.                                                                                                                                 |
|                          |     |                                                                                                                                                                                                                                                                          |
| 10.38                [28]     | --       | Lease                Agreement between Brill & Sharma Equities and Pennsylvania School of                Business for a term commencing June 1, 2005.                                                                                                                     |
|                          |     |                                                                                                                                                                                                                                                                          |
| 10.39                (a)[28]  | --       | Net                Lease, dated as of December 19, 1997, between Overtime Properties                LLC and                Technical Career Institutes, Inc.                                                                                                                  |
|                          |     |                                                                                                                                                                                                                                                                          |
| 10.39                (b)[28]  | --       | First                Amendment of Lease dated as of October 1, 2002 between Overtime                Properties, LLC and Technical Career Institutes, Inc.                                                                                                                     |
|                          |     |                                                                                                                                                                                                                                                                          |
| 10.40                (a)[28]  | --       | Lease,                dated October 11, 1994, between F.H.E.A. Associates and Technical                Career                Institutes, Inc.                                                                                                                                 |
|                          |     |                                                                                                                                                                                                                                                                          |
| 10.40                (b)[28]  | --       | First                Amendment of Lease, dated January 20, 1995, between F.H.E.A. Associates                and Technical Career Institutes, Inc.                                                                                                                             |
|                          |     |                                                                                                                                                                                                                                                                          |
| 10.40                (c)[28]  |  -- | Second                Modification and Extension of Lease Agreement, dated April 15, 2005,                between Eighth Avenue Limited Liability Company and Technical Career                Institutes, Inc.                                                                |
|                          |     |                                                                                                                                                                                                                                                                          |
| 10.41                (a)[28]  |  -- | Collective                Bargaining Agreement between Technical Career Institutes, Inc. and                T.O.P.                Local 2110 UAW, AFL-CIO, effective October 10, 1992- October 9, 1995,                and                covering office clerical employees. |

----

| 10.41                (b)[28] |  -- | Memorandum                of Agreement, dated October 10, 1995, between T.O.P. Local 2110                UAW-AFL-CIO and Technical Career Institutes, Inc., amending collective                bargaining agreement between the parties covering office and clerical                employees, which was effective October 10, 1992- October 9,                1995.                                                                                                                                                                                                        |
|------------------------------|----------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                         |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
| 10.41                (c)[28] |  -- | Memorandum                of Agreement, dated October ____, 1998, between T.O.P. Local 2110                UAW-AFL-CIO and Technical Career Institutes, Inc., amending collective                bargaining agreement between the parties covering office clerical                employees, which was effective from October 10, 1995 through October                9,                1998.                                                                                                                                                                               |
|                         |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
| 10.41                (d)[28] |  -- | Collective                Bargaining Agreement between Technical Career Institutes, Inc. and                T.O.P.                Local 2110 UAW-AFL-CIO effective October 10, 1998-October 9, 2001,                covering instructors, laboratory technicians and maintenance persons                (This                agreement amends and restates the prior collective bargaining agreements                with the instructors, laboratory technicians and maintenance                employees.)                                                                |
|                         |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
| 10.41                (e)[28] |  -- | Memorandum                of Agreement, dated October 10, 2001, between T.O.P. Local 2110                UAW-AFL-CIO and Technical Career Institutes, Inc., amending (A) collective                bargaining agreement between the parties covering instructors, laboratory                technicians and maintenance employees and (B) collective bargaining                agreement between the parties covering office clerical employees,                each                such prior agreement effective October 10, 1998 through October 9,                2001. |
|                         |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
| 10.41                (f)[28] |  -- | Memorandum                of Agreement, dated October 10, 2004, between T.O.P. Local 2110                UAW-AFL-CIO and Technical Career Institutes, Inc., amending (A) collective                bargaining agreement between the parties covering instructors, laboratory                technicians and maintenance employees and (B) collective bargaining                agreement between the parties covering office clerical employees,                each                such agreement effective October 10, 2001 through October 9,                2004.       |
|                         |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
| 10.42                [29]    |  -- | Letter                agreement, dated March 1, 2006, between the Registrant and Dr.                John J. McGrath.                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
|                         |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
| 10.43                [29]    |  -- | Form                of Restricted Stock Award Agreement for the restricted stock awards                to                participant's in the March 2006 salary reduction plan, including                Dr. John                J. McGrath, Dr. Arol I. Buntzman and Joseph J. Looney, without Annexes                A                and B.                                                                                                                                                                                                                              |
|                         |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
| 10.44                [29]    |  -- | Employment                Agreement, dated March 1, 2006, between the Registrant and Joseph                D. Alperin.                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
|                         |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
| 10.45                [29]    |  -- | Restricted                Stock Award Agreement, dated March 1, 2006, between the Registrant                and                Joseph D. Alperin, without Annex A.                                                                                                                                                                                                                                                                                                                                                                                                          |
|                         |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
| 10.46[34]                    |  -- | Amended                and Restated Credit Agreement dated as of September 16, 2005, amended                and                restated as of March 31, 2006, among EVCI Career Colleges Holding                Corp.,                the Guarantors from time to time parties hereto, and Harris N.A.                as                lender. Schedules will be provided supplementally to the Securities                and                Exchange Commission upon request.                                                                                             |
|                         |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
| 10.47[35]                    |  -- | First                Amendment, made April 30, 2006, to Amended and Restated Credit Agreement                dated as of September 16, 2005 and amended and restated as of March                31,                2006.                                                                                                                                                                                                                                                                                                                                                    |
|                         |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
| 10.48[36]                    |  -- | Second                Amendment, made June 26, 2006, to Amended and Restated Credit Agreement                dated as of September 16, 2005 and amended and restated as of March                31,                2006.                                                                                                                                                                                                                                                                                                                                                    |

----

| 10.49[36] |  -- | Waiver                Agreement, made August 9, 2006, relating to Amended and Restated                Credit                Agreement dated September 16, 2005 and amended and restated as of                March                31, 2006. |
|-----------|----------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|      |     |                                                                                                                                                                                                                                        |
| 10.50[37] |  -- | Letter                Agreement, dated October 24, 2006, between the Registrant and Dr.                Arol I. Buntzman.                                                                                                                    |

|                      |     |                                                                                                                                                                                                                                                                                                                                                             |
|---------------------------|----------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 31.1**                    |  -- | Certification                of Chief Executive Officer required by Rule 13a-14(a) under the Exchange                Act.                                                                                                                                                                                                                                        |
|                      |     |                                                                                                                                                                                                                                                                                                                                                             |
| 31.2**                    |  -- | Certification                of Chief Financial Officer required by Rule 13a-14(a) under the Exchange                Act.                                                                                                                                                                                                                                        |
|                      |     |                                                                                                                                                                                                                                                                                                                                                             |
| 32.1**                    |  -- | Certification                of Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as                adopted                pursuant to Section 906 of Sarbanes-Oxley Act of 2002.                                                                                                                                                                      |
|                      |     |                                                                                                                                                                                                                                                                                                                                                             |
| 32.2**                    |  -- | Certification                of Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as                adopted                pursuant to Section 906 of Sarbanes-Oxley Act of 2002.                                                                                                                                                                      |
|                      |     |                                                                                                                                                                                                                                                                                                                                                             |
| 99.1[21]                  |  -- | Text                of final report, dated March 7, 2005, detailing the calculation of                the TAP                disallowances resulting from the TAP audit of the 2000-01 through                2002-03                academic years of Interboro Institute, Inc.                                                                                 |
|                      |     |                                                                                                                                                                                                                                                                                                                                                             |
| 99.2                [24]  |  -- | Press                Release dated September 30, 2005 related to the announcement of                 Exhibit                10.29(a) of this report.                                                                                                                                                                                                        |
|                      |     |                                                                                                                                                                                                                                                                                                                                                             |
| 99.3                [27]  |  -- | Press                release dated October 3, 2005 and captioned “EVCI Career Colleges Hires                Joseph J. Looney to serve as Chief Financial Officer.”                                                                                                                                                                                   |
|                      |     |                                                                                                                                                                                                                                                                                                                                                             |
| 99.4                [28]  |  -- | Press                Release dated October 19, 2005 and captioned “EVCI Career Colleges                Receives Draft Report of Compliance Review of Interboro                Institute.”                                                                                                                                                            |
|                      |     |                                                                                                                                                                                                                                                                                                                                                             |
| 99.5[30]                  |  -- | Unaudited                financial statements of Technical Career Institutes, Inc. as of                September                30, 2005 and for the nine months ended September 30, 2005 and 2004,                and                the notes related thereto.                                                                                                |
|                      |     |                                                                                                                                                                                                                                                                                                                                                             |
| 99.6[30                   |  -- | Audited                financial statements of Technical Career Institutes, Inc. as of                September                30, 2004 and 2003 and for each of the years in the three-year period                ended                September 30, 2004 and the notes related thereto.                                                                        |
|                      |     |                                                                                                                                                                                                                                                                                                                                                             |
| 99.7                [30]  |  -- | Unaudited                pro forma financial information for the year ended December 31, 2004                and                the nine months ended September 30, 2005 and the notes related thereto.                                                                                                                                                          |
|                      |     |                                                                                                                                                                                                                                                                                                                                                             |
| 99.8                [31]  |  -- | Press                release dated December 5, 2005 and captioned “EVCI Career Colleges                Receives Final Report of Compliance Review of Interboro                Institute.”                                                                                                                                                            |
|                      |     |                                                                                                                                                                                                                                                                                                                                                             |
| 99.9                [31]  |  -- | Draft                Report of Compliance Review of Interboro Institute dated October                7,                2005.                                                                                                                                                                                                                                     |
|                      |     |                                                                                                                                                                                                                                                                                                                                                             |
| 99.10[31]                 |  -- | Response                of Interboro Institute Inc., dated November 3, 2005, to two draft                reports                from the State Education Department of New York.                                                                                                                                                                                 |
|                      |     | s                                                                                                                                                                                                                                                                                                                                                                |
| 99.11                [31] |  -- | Letter                dated November 23, 2005 from Stephen H. Adolphus, President of Interboro                Institute, to Joseph P. Frey, Assistant Commissioner- Office of Quality                Assurance, New York State Education Department outlining Interboro                Institute’s revised admissions screening                procedures. |

----

| 99.12                [31] |  -- | Letter                dated November 21, 2005 from Steven M. Gombos of Ritzert & Leyton to                Joseph P. Frey, Assistant Commissioner, The State Education Department                outlining the results of the independent investigation for the Audit                Committee of the Board of Directors of EVCI Career Colleges Holding                Corp.        |
|---------------------------|----------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                      |     |                                                                                                                                                                                                                                                                                                                                                                                    |
| 99.13                [31] |  -- | Letter                dated December 2, 2005 from Joseph P. Frey, Assistant Commissioner-                Office                of Quality Assurance, the State Education Department of New York                including                attachment titled “State Education Department Analysis of Interboro                Institute’s Response to the Draft Report.” |
|                      |     |                                                                                                                                                                                                                                                                                                                                                                                    |
| 99.14                [32] |  -- | Press                release dated January 13, 2006 and captioned “EVCI Career Colleges Reports                New Student Caps for Interboro’s Spring 2006 Through Spring 2007                Semesters.”                                                                                                                                                            |
|                      |     |                                                                                                                                                                                                                                                                                                                                                                                    |
| 99.15                [32] |  -- | Letter                dated December 19, 2005 with enclosures from the registrant to Joseph                P.                Frey, Assistant Commissioner.                                                                                                                                                                                                                              |
|                      |     |                                                                                                                                                                                                                                                                                                                                                                                    |
| 99.16                [32] |  -- | Letter                dated December 23, 2005 from Johanna Duncan-Poitier, Deputy Commissioner,                to the registrant.                                                                                                                                                                                                                                                       |
|                      |     |                                                                                                                                                                                                                                                                                                                                                                                    |
| 99.17                [32] |  -- | Letter                dated January 4, 2006 with enclosure from the registrant to Johanna                Duncan-Poitier, Deputy Commissioner.                                                                                                                                                                                                                                           |
|                      |     |                                                                                                                                                                                                                                                                                                                                                                                    |
| 99.18                [32] |  -- | Letter                dated January 11, 2006 from Johanna Duncan-Poitier, Deputy Commissioner,                to the registrant.                                                                                                                                                                                                                                                        |
|                      |     |                                                                                                                                                                                                                                                                                                                                                                                    |
| 99.19                [33] |  -- | Response                of Interboro Institute to the December 2, 2005 Report from the New                York                State Education Department.                                                                                                                                                                                                                               |
|                      |     |                                                                                                                                                                                                                                                                                                                                                                                    |
| 99.20                [33] |  -- | Letter                dated February 2, 2006 from the New York State Education Department                to                EVCI.                                                                                                                                                                                                                                                        |
|                      |     |                                                                                                                                                                                                                                                                                                                                                                                    |
| 99.21[34]                 |  -- | Interboro                Institute’s Comprehensive Institutional Effectiveness Plan with                transmittal letter from the registrant dated February 22, 2006.                                                                                                                                                                                                           |
|                      |     |                                                                                                                                                                                                                                                                                                                                                                                    |
| 99.22[34]                 |  -- | Letter                dated March 13, 2006 from the New York State Education Department                to the                Registrant.                                                                                                                                                                                                                                                |
|                      |     |                                                                                                                                                                                                                                                                                                                                                                                    |
| 99.23[34]                 |  -- | Letter                dated March 14, 2006 from the New York State Education Department                to the                Registrant.                                                                                                                                                                                                                                                |
|                      |     |                                                                                                                                                                                                                                                                                                                                                                                    |
| 99.24[34]                 |  -- | Interboro                Institute’s Mid-Point Self Study dated March 28, 2006 (without attachments                with transmittal letter from the Registrant dated March 30,                2006.)                                                                                                                                                                              |

----

| *  | Numbers                inside brackets indicate documents from which exhibits have been                incorporated by reference. |
|----|-----------------------------------------------------------------------------------------------------------------------------------|
| ** | Filed                herewith.                                                                                                    |

| [1]    | Incorporated                by reference to the Registrant’s Registration Statement on Form SB-2,                filed October                23, 1998, Registration No. 333-66085.                |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |                                                                                                                                                                                                     |
| [2]    | Incorporated                by reference to Amendment No. 4, dated February 10, 1999, to the                Registrant’s Form SB-2, Registration No. 333-66085.                                    |
|   |                                                                                                                                                                                                     |
| [3]    | Incorporated                by reference to Registrant’s Form 10-QSB for the quarter ended September                30, 1999.                                                                      |
|   |                                                                                                                                                                                                     |
| [4]    | Incorporated                by reference to the Registrant’s Form 8-K dated January 14,                2000.                                                                                       |
|   |                                                                                                                                                                                                     |
| [5]    | Incorporated                by reference to the Registrant’s Form 8-K dated October 6,                2000.                                                                                        |
|   |                                                                                                                                                                                                     |
| [6]    | Incorporated                by reference to the Registrant’s Form 10-QSB for the quarter ended                September 30, 2000.                                                                  |
|   |                                                                                                                                                                                                     |
| [7]    | Incorporated                by reference to the Registrant’s Form 8-K dated July 1,                2001.                                                                                           |
|   |                                                                                                                                                                                                     |
| [8]    | Incorporated                by reference to the Registrant’s Form 10-QSB for the quarter ended                September 30, 2003.                                                                  |
|   |                                                                                                                                                                                                     |
| [9]    | Incorporated                by reference to the Registrant’s Form 10-KSB for the year ended December                31, 2002.                                                                      |
|   |                                                                                                                                                                                                     |
| [10]   | Incorporated                by reference to the Registrant’s Registration Statement on Form S-8 filed                December                31, 2002, Registration No.                333-102310. |

----

| [11]   | Incorporated                by reference to the Registrant’s Registration Statement on Form S-8 filed                October 23, 2001, Registration No. 333-72080.                                                    |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |                                                                                                                                                                                                                        |
| [12]   | Incorporated                by reference to the Registrant’s Form 10-QSB for the quarter ended                September 30, 2003.                                                                                     |
|   |                                                                                                                                                                                                                        |
| [13]   | Incorporated                by reference to the Registrant’s Form 8-K dated October 10,                2003.                                                                                                          |
|   |                                                                                                                                                                                                                        |
| [14]   | Incorporated                by reference to the Registrant’s Form 10-QSB for the quarter ended                September 30, 2003.                                                                                     |
|   |                                                                                                                                                                                                                        |
| [15]   | Incorporated                by reference to Amendment No. 1 to the Registrant’s Registration Statement                on Form                S-3, filed December 4, 2003, Registration No.                333-110567. |
|   |                                                                                                                                                                                                                        |
| [16]   | Incorporated                by reference to the Registrant’s Form 10-KSB/A for the year ended December                31, 2003.                                                                                       |
|   |                                                                                                                                                                                                                        |
| [17]   | Incorporated                by reference to the Registrant’s Form 8-K dated March 29,                2004.                                                                                                            |
|   |                                                                                                                                                                                                                        |
| [18]   | Incorporated                by reference to the Registrant’s Form 10-QSB for the quarter ended                September 30, 2004.                                                                                     |
|   |                                                                                                                                                                                                                        |
| [19]   | Incorporated                by reference to the Registrant’s definitive Proxy Statement dated May 2,                2005.                                                                                             |
|   |                                                                                                                                                                                                                        |
| [20]   | Incorporated                by reference to the Registrant’s Form 10-QSB for the quarter ended                September 30, 2004.                                                                                     |
|   |                                                                                                                                                                                                                        |
| [21]   | Incorporated                by reference to the Registrant’s Form 10-KSB for the year ended December                31, 2004.                                                                                         |
|   |                                                                                                                                                                                                                        |
| [22]   | Incorporated                by reference to the Registrant’s Form 8-K dated March 7, 2005.                                                                                                                            |
|   |                                                                                                                                                                                                                        |
| [23]   | Incorporated                by reference to the Registrant’s Form 10-Q for the quarter ended September                30, 2005.                                                                                       |
|   |                                                                                                                                                                                                                        |
| [24]   | Incorporated                by reference to the Registrant’s Form 8-K dated July 1, 2005.                                                                                                                             |
|   |                                                                                                                                                                                                                        |
| [25]   | Incorporated                by reference to the Registrant’s Form 8-K dated July 18, 2005.                                                                                                                            |
|   |                                                                                                                                                                                                                        |
| [26]   | Incorporated                by reference to the Registrant’s Form 8-K dated September 16,                2005.                                                                                                        |
|   |                                                                                                                                                                                                                        |
| [27]   | Incorporated                by reference to the Registrant’s Form 8-K dated September 29,                2005.                                                                                                        |
|   |                                                                                                                                                                                                                        |
| [28]   | Incorporated                by reference to the Registrant’s Form 10-Q for the quarter ended September                30, 2005.                                                                                       |
|   |                                                                                                                                                                                                                        |
| [29]   | Incorporated                by reference to the Registrant’s Form 8-K dated March 1,                2006.                                                                                                             |
|   |                                                                                                                                                                                                                        |
| [30]   | Incorporated                by reference to the Registrant’s Form 8-K/A dated September 16,                2005.                                                                                                      |
|   |                                                                                                                                                                                                                        |
| [31]   | Incorporated                by reference to the Registrant’s Form 8-K dated December 5,                2005.                                                                                                          |
|   |                                                                                                                                                                                                                        |
| [32]   | Incorporated                by reference to the Registrant’s Form 8-K dated January 12,                2006.                                                                                                          |
|   |                                                                                                                                                                                                                        |
| [33]   | Incorporated                by reference to the Registrant’s Form 8-K dated February 3,                2006.                                                                                                          |
|   |                                                                                                                                                                                                                        |
| [34]   | Incorporated                by reference to the Registrant’s Form 10-K filed September 30,                2006.                                                                                                       |
|   |                                                                                                                                                                                                                        |
| [35]   | Incorporated                by reference to the Registrant’s Form 10-Q for the quarter ended March 31,                2006.                                                                                           |
|   |                                                                                                                                                                                                                        |
| [36]   | Incorporated                by reference to the Registrant’s Form 10-Q for the quarter ended June 30,                2006.                                                                                            |
|   |                                                                                                                                                                                                                        |
| [37]   | Incorporated                by reference to the Registrant’s Form 8-K dated October 26,                2006.                                                                                                          |

----